Shell profits jump to P10.4B
Pilipinas Shell Corp. saw a 39 percent surge in net earnings to P10.4 billion despite a highly competitive market and the two-and-a-half-month planned preventive maintenance shutdown of its Tabangao Refinery.
Robust earnings were driven by strong retail volume growth enabled by continued network expansion and sustained uptake of Shell’s world-class V-Power fuels, strong regional refining margins, and inventory holding gains.
Retail sales volume rose four percent underpinned by high premium fuel penetration at 27 percent.
Pilipinas Shell closed 2017 with a total of 1,044 retail stations with the opening 66 new ones.
By the end of 2017, Pilipinas Shell had 102 Shell Select, 41 Deli2Go stores, and 262 lube bays further boosting the non-fuels retail business.
Pilipinas Shell’s commercial business posted higher sales, overcoming the challenges from the structural decline in power sector demand while sales to other sectors augmented.