Pilipinas Shell H1 net income rises to P7.1 billion

Pilipinas Shell Petroleum Corporation's net income surged to P7.8 billion in the first half of 2022, compared to P2.2 billion in the same period last year.

In a disclosure to the Philippine Stock Exchange on Wednesday, Pilipinas Shell declared a dividend of P1.00 per share, owing to the rise in its earnings during the January to June period.

“Through the disciplined and resilient implementation of our strategy, we have recovered from the deficit in retained earnings in the past two years and are now able to deliver dividends to our shareholders,” said Pilipinas Shell president and CEO Lorelie Quiambao-Osial.

“This reflects our strong culture of sustained performance even in the midst of a prolonged volatile business environment. We are confident to continue our momentum, deliver shareholder returns, and power progress for the Philippines,” she said.

The oil company said that global product prices reached historical highs this year versus the start of the year, causing a rise in working capital requirements.

Despite this, Pilipinas Shell said, its strong fiscal management allowed the oil firm to maintain a controlled level of borrowings.

It said that excluding movement in working capital, the company ended with a positive cash flow from operations of P13.7 billion, up from P7.6 billion year-on-year. — Ted Cordero/BM, GMA News