Pilipinas Shell Petroleum Corp. posted a net income of P10.4 billion in 2017, citing strong growth in retail volume and regional refining margins as well as gains in inventory holdings, it told the stock exchange on Monday, March 19.
Cesar G. Romero, Pilipinas Shell president and chief executive officer, said the company generated P10.7 billion of cash from operations, higher by 26% compared with the level in the previous year.
“This is a testament to the company’s commitment and continuing focus towards robust cash generation at optimal returns. This should allow us to sustain our commitment to high dividend payout at industry-leading dividend yields,” he said in a statement.
The company said the profit rise came despite more more aggressive competition and the two-and-a-half-month planned preventive maintenance shutdown of its Tabangao refinery. — Victor V. Saulon