PILIPINAS Shell Petroleum Corp. recorded a net income of P6.63 billion in the nine months to September this year, up 4.3 percent from P6.36 billion in 2016, on the strong growth of its retail business.
In a disclosure on Thursday, the listed oil firm said the growth of its retail business, high V-Power penetration, and robust refinery performance bolstered earnings “notwithstanding two months of planned refinery maintenance shutdown and slightly lower inventory holding gains.”
“This earnings performance translates to 20 percent return on average capital employed, demonstrating the company’s ability to effectively utilize capital to generate superior returns,” Pilipinas Shell said.
Profit in the third quarter hit P2.44 billion from P1.29 billion a year ago.
Net sales in the first nine months climbed 22 percent to P123.43 billion from P101.14 billion during the same period last year.
But sales volumes in the nine-month period dropped 4.8 percent to 4.17 billion liters from 4.38 billion liters in the previous year.
Earnings before interest, tax, depreciation and amortization (EBITDA) rose 6.5 percent to P11.37 billion from P10.67 billion last year.
Pilipinas Shell is primarily engaged in the refining and marketing of petroleum products. To date, it has 1,014 retail stations all over the country.