Pilipinas Shell Petroleum Corp. on Thursday reported a 245-percent increase in net income in the first quarter of the year, boosted by higher pump prices and the general increase in global oil prices.
The country’s second largest oil company said net profit amounted to P3.5 billion in the first three months of the year from P1.02 billion in the same period last year.
Net sales amounted to P59.06 billion in the first quarter, up 48 percent from P39.92 billion in the same period last year.
Sales volume, meanwhile, dropped to 970.3 million liters during the period from 997.8 million liters last year.
The energy company maintains a high fuel premium penetration of 29 percent, sustaining the strong position of its Shell V-power brand as the most preferred fuel brand in the country.
“Pilipinas Shell remains steadfast and committed to our strategy of powering progress for the country, as opportunities are opening with a recovering economy,” said Pilipinas Shell president and chief executive Lorelie Quiambao-Osial.