Strong retail sales boost Pilipinas Shell’s earnings
Strong retail business growth helped Pilipinas Shell Petroleum Corp. register a four percent rise in profits in the first nine months to P6.6 billion.
Earnings increased despite two months of planned refinery maintenance shutdown and slightly lower inventory holding gains earlier in the year.
Retail network sales volume rose five percent due to the continued higher uptake of V-Power with the breakthrough DYNAFLEX technology, and the expansion of its retail footprint.
Pilipinas Shell currently has 1, 014 retail stations across the country after opening 29 Shell Select stores.
Its non-fuel retailing business which comprises convenience retailing enjoyed double-digit growth.
The group has 37 sites for its Deli2Go, of which 18 are slated to open this year.