MANILA - Pilipinas Shell Petroleum Corp booked a net income of P3.9 billion in 2021, the oil firm disclosed on Monday.

Shell said this set it on a path to recovery after its P16.2 billion loss in 2020.

The country’s second-largest oil company said its core earnings reached P2.3 billion, from 2020’s P300 million, as sales rose with the government’s lifting of COVID-19 restrictions.

“Our strategy of powering progress for the Philippines is working, despite the challenges brought by an unprecedented global health crisis and the lockdowns it triggered,” said Pilipinas Shell president and CEO Lorelie Quiambao-Osial.

She also said she hopes that “marketing volumes continue to improve as more people get fully vaccinated, feel safer and get back on the road”.

The company also credited the growth to the transformation of its fuel stations into “mobility destinations” with restaurants, convenience stores, shops and lifestyle brands.

In 2020, low fuel demand amid disruptions caused by the COVID-19 pandemic pushed Shell to permanently shutter its refinery in Batangas.

Last year however, Shell also announced that it had converted this facility into an import terminal for petroleum products.

Oil firms have also benefitted from the recovery in world oil prices, and the recent spike due to the Ukraine crisis.

RELATED VIDEO

Watch more in iWantv or TFC.tv