Pilipinas Shell posts P3.5 billion net income in first 3 months of 2022

ABS-CBN News

Posted at May 12 2022 03:39 PM

Buko vendor Rosel Borante pays for P50 worth of fuel at a nearby station after running out of gas and being forced to push her motorcycle along UN Avenue in Manila on March 15, 2022. Jonathan Cellona, ABS-CBN News
Buko vendor Rosel Borante pays for P50 worth of fuel at a nearby station after running out of gas and being forced to push her motorcycle along UN Avenue in Manila on March 15, 2022. Jonathan Cellona, ABS-CBN News

MANILA - Pilipinas Shell Petroleum Corp on Thursday said it had a strong start to the year 2022 with its net income hitting P3.5 billion in the first quarter.

For the period it has maintained a positive cash flow from operations, its borrowing levels were "controlled" while cash conservation measures remained a priority due to the rising global oil prices, Pilipinas Shell said in a disclosure to the stock exchange.

"Pilipinas Shell remains steadfast and committed to our strategy of powering progress for the country, as opportunities are opening with a recovering economy,” Pilipinas Shell President and Chief Executive Officer said.

“Customer-centricity, innovation, agility, and our initiatives for sustainable energy are all designed to meet our expanding customers’
current and future needs with the resurgence of safe mobility,” Osial added.

The company in April held the groundbreaking ceremony of its 4th world-class medium-range vessel capable Import Terminal in Davao.

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