The net income of Pilipinas Shell Petroleum Corporation jumped to P4.4 billion in this year’s third quarter, rising by P1.0 billion from last year’s P3.4 billion within the same period in 2021 on growing volume sales.

The oil firm similarly logged positive cash flow from operations, which hovered at P10.8 billion from the year-ago level of P10.1 billion exclusive, of the movement in working capital.

Pilipinas Shell said its improved bottomline had been attributed to “strong marketing performance as year-to-date marketing volume delivery increased by 7.0-percent versus the previous year, consistent high premium fuel penetration, and disciplined cost management.”

The upturn in profitability has also been a clear manifestation that it was able to overcome the challenges “posed by rising inflation and the depreciation of the Philippine peso against the US dollar,” according to the company.

Pilipinas Shell President and CEO Lorelie Quiambao-Osial said the company’s strategy “enables us to remain resilient through challenges and sets us to thrive, as we continue to deliver high-quality products and services for the growing and evolving needs of our customers.”

She similarly expressed hope of a strong finish this year, given expectations that it will continue to have “strong volume delivery with the progressive opening of the economy.”

Growth in the third quarter profitability was largely driven by increased demand of its business-to-business (B2B) commercial fuels – and that segment had grown its volume sales by 16-percent; which at times had also been complemented by spot sales in the power sector.

Pilipinas Shell added its “fit-for-purpose offers continued to attract sales across industries,” with its lubricants sales growing by 8.0-percent; while its premium products registered two-fold sales growth across categories.

The company further reported that sales in other product segments – primarily its Shell Helix 0W, likewise expanded by sizeable 39 percent compared to year-ago level.

Sales to the aviation sector was similarly on a dramatic 52-percent surge, with the oil firm indicating that such was “in step with the continued increase in consumer confidence to travel and the opening of international and domestic borders.”

Further, uptake of Shell commodity offers in the construction and road business had grown by 24-percent, “as demand in road construction and rehabilitation continues.”