Pilipinas Shell first-half profit surges P7.8B

Pilipinas Shell Petroleum Corporation ended the first half of the year with P7.8 billion net income on the back of sustained business operations. It was a huge jump from the P2.2 billion booked a year ago.

In a stock report on Wednesday, the company said the robust performance allowed the company to declare a P1 per share dividend with a 5.6 percent yield payable in September.

“We have recovered from the deficit in retained earnings in the past two years and are now able to deliver dividends to our shareholders. This reflects our strong culture of sustained performance even amid a prolonged volatile business environment. We are confident to continue our momentum, deliver shareholder returns, and power progress for the Philippines,” Pilipinas Shell president and CEO Lorelie Quiambao-Osial said.

Despite high commodity prices globally, Pilipinas Shell said it ended the first six months with “strong fiscal management” that helped maintain a controlled level of borrowings.

Excluding movement in working capital, the company closed the first half with a positive cash flow from operations of P13.7 billion — an upside from the previous year’s P7.6 billion.

Pilipinas Shell accelerates its growth ambition of 1,300 – 1,400 mobility sites by 2025, with its recent deal with Northern Star Energy Corporation.

Moving forward and subject to the approval of the shareholders of Pilipinas Shell and the Securities and Exchange Commission, the company will own and manage stocks for sale directly to the general public.

It said the new model will be rolled out through Pilipinas Shell’s 520 company-owned Select stores in the country, with the pilot slated for 2023 and the full launch scheduled for 2024.

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