Pilipinas Shell logs P3.4-B income in 9 months

Published November 12, 2021, 1:37 PM

by Myrna M. Velasco

Despite the re-imposition of stricter Covid-19 lockdowns within the third quarter, Pilipinas Shell Petroleum Corporation netted P3.4 billion in the first nine months this year.

The oil firm profoundly regained its financial strength from P13.9-billion loss it registered on a comparative period last year.

Pilipinas Shell President and CEO Cesar G. Romero said “our renewed strategy has been proven effective for our business to thrive amidst the resurgence of selected lockdowns in the country.”

Onward, he noted the company will “continuously grow our capacity for the remainder of 2021, to prepare for the near and medium-term demand pick-up as active new Covid cases decline, vaccinate programs accelerate and travel restrictions ease.”

To recall, the nation’s capital as well as neighboring provinces were placed on rigid mobility restrictions anew in August and September – that was when the more deadly Delta variant of the coronavirus hammered on those periods. That also resulted in new wave of demand downtrend of petroleum commodities in the domestic market.

On the whole for third quarter, Pilipinas Shell stated that “marketing volume delivery slightly declined by 6 percent versus prior year due to increased lockdowns.”

To reinforce customer patronage, the oil firm emphasized that it “sustained value delivery through successful marketing programs and premium product offerings across businesses.”

As specified, Shell’s mobility premium fuel penetration had climbed 31-percent – primarily its V-Power Brand, hence, it was able to maintain its position as “the most preferred fuel brand in the country.”

Aviation fuel, which had been severely strained by the health crisis also improved continuously within the financial review period, with the company specifying volume recovery in the third quarter at more than 60-percent, and such was driven by “increase in passenger flights as domestic and international flight restrictions ease.”

The company added its non-fuel operating earnings also went up by 28-percent; and its capital expenditure (capex) program is on-track with P2.2 billion spending already registered so far.

The other core marketing strategies employed by the oil firm to boost sales include its loyalty price discounts for Shell 2Go+ members that integrate both its fuel and non-fuel products, which then fortified all-inclusive service to customers.

Pilipinas Shell expounded the commercial fuels and bitumen sub-segments of its business “continue to be the preferred supplier for key construction sector players.”

Shell Bitumen Freshair, in particular, is touted as “eco-friendly bitumen product” and one of the flagship projects where it was used has been the P30 billion Cebu-Cordova Link Expressway, a toll road project spanning 8.5 kilometers with a bridge that connects Cebu City to Mactan Island through the town of Cordova.

 
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