MANILA, Philippines — Pilipinas Shell Petroleum Corp. managed to improve its bottom line as of end-September, supported by its strong retail business segment despite lower inventory gains and a two-month refinery shutdown earlier in the year.
Shell said its net income reached P6.6 billion, up four percent from P6.4 billion last year, bolstered by retail business growth, high V-Power penetration and robust refinery performance.
It said retail network sales volumes increased five percent due to the continued higher uptake of its new efficiency fuel, V-Power with Dynaflex Technology, and the expansion of its retail footprint.
Shell president and CEO Cesar Romero said V-Power with Dynaflex Technology was developed with Ferrari in the F1 circuit aimed to deliver superior performance on vehicles.
To date, Shell has 1,014 retail stations serving motorists all over the country.
With the planned preventive maintenance work on the refinery completed in second quarter, Shell said it was able to capture strong refining margins in the third quarter.
“A fit-for-purpose refinery, coupled with the significant cost savings that the company enjoys from the North Mindanao Import Facility, support the marketing growth of the company,” it said.
Apart from its fuel-related business, Shell’s convenience retailing business recorded a double-digit growth with 29 new Shell Select stores and the upgrade of several Shell Select sites.
The oil firm said a total of 37 sites already have the Deli2Go® offer, of which 18 are new stores this year. The lube bay and co-locator segment also expanded as the company opened 38 new lube bays and welcomed 30 new co-locators this year.
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