Listed oil firm Pilipinas Shell Petroleum Corporation has reversed its massive losses of P16.2 billion in 2020, with P3.9 billion income last year.
For its core earnings, the company similarly posted a significant rebound at P2.3 billion last year from a relatively lean P300 million outcome in 2020.
Pilipinas Shell said its sales volume started to track uptrend when the government lifted Covid-19 restrictions, propelling sales to go up for most periods of last year.
Pilipinas Shell President and CEO Lorelie Quaimbao-Osial said, “Our strategy of powering progress for the Philippines is working, despite the challenges brought by an unprecedented global health crisis and the lockdowns it triggered.”
She qualified that despite the lingering hurdles wrought by the pandemic, “it has enabled us to remain agile and resilient throughout the challenging period, placing us in a good position for today’s recovery,” adding that the company remains firm “in our commitment to serve the public who are rediscovering the joys of mobility.”
It was emphasized that the company’s operational cash flow had been steady at P1.8 billion, as Pilipinas Shell implemented “proactive management of costs, working capital and cash inflows.”
Volume-wise, last year’s main growth driver had been its lubricant business which climbed by about 30-percent, followed by bitumen sales which escalated by 12 percent compared to 2020 level.
Osial further conveyed that Shell remained as “the preferred supplier of fuels for customers in essential industries such as power and construction.”
Moving forward, the company chief executive indicated that “marketing volumes continue to improve as more people get fully vaccinated, feel safer and get back on the road”.
In terms of retail stations portfolio, Shell noted its company-owned “mobility stations” had likewise been on continued expansion mode, which was bannered by its “First Site of the Future” in Silang, Cavite, as well as the addition of 42 new stations.
“We are a steadfast partner in providing high-quality, reliable energy for the Philippines and our customers, and we remain committed to supporting government’s efforts at nation-building through current and future challenges,” Osial stressed.
The non-fuel retail segment of the company’s business has also been cornering increased patronage, including the offers of its 187 Shell Select stores; 224 Select Express stores; 75 Deli2Go kiosks; 455 lube bays; and 370 Shell Helix centers.