Metro Manila (CNN Philippines, August 10) — Oil giant Pilipinas Shell Petroleum Corp. reported a stronger rebound as its net income swelled to ₱7.8 billion in the first half—higher than the ₱2.2 billion a year ago.
Following this stronger performance in the first six months, the company also announced the resumption of dividend payments to its shareholders.
In a statement, Pilipinas Shell declared dividend of ₱1 per share payable this September.
“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 President and Chief Executive Officer Lorelie Quiambao-Osial.
Osial added that while the global product prices have witnessed an all-time high, forcing companies to secure more working capital requirements, Pilipinas Shell’s strong fiscal management “allowed [it] to maintain a controlled level of borrowings.”
The company ended with a positive cash flow from operations of ₱13.7 billion.
Osial expressed optimism the company could continue building momentum while providing “power progress” for the local market.
