Details about Shell’s Net Income after Big Loss in 2020
SHELL’S NET INCOME – The income of Pilipinas Shell Petroleum Corp from January to September 2021 showed a significant recovery.
Many businesses are greatly affected by the COVID-19 pandemic in the Philippines. Not only the small companies but as well as several huge businesses suffered losses amid the crisis in the country. In 2020, even businesses like oil distributor companies felt the pandemic.
In 2020, Pilipinas Shell Petroleum Corp lost P13.9 billion from January to September. The losses of oil companies are mainly due to the restrictions in mobility in the country amid the pandemic. There were border-to-border restrictions and everyone’s advised to stay at home if not for very essential purposes.
Also, a huge part of the population of workers continued to report to work but under a work-from-home setup. Parents also need not drive their kids to school as the educational system adapted blended learning.
Meanwhile, most oil distributor companies that suffered big losses in 2020 seem to be recovering now. Based on a report on ABS-CBN News, Shell’s net income from January to September 2021 reached P3.4 billion. It is despite the strict mobility restrictions in Metro Manila in the third quarter as indicated by the company.
According to Pilipinas Shell President and Chief Executive Officer (CEO) Cesar Romero, they continuously grow their capacity for the remaining months of this year “to prepare for the near and medium-term demand pick-up as active new COVID-19 cases decline” and the vaccinations in the country are on boost.
The oil company also puts the step forward for the energy transition as it looks forward to low-carbon years ahead. Previously, the company closed its refinery in Batangas and it also sold its stake in the Malampaya gas field to Udenna Corp which is led by Dennis Uy.
Aside from Shell, Petron also recorded excellent income in 2021. You may visit – Petron Corporation Reveals Net Income in January-September 2021.