Update on Shell’s Net Income in 2021 after Big Loss in 2020
SHELL’S NET INCOME – The net income of Pilipinas Shell Petroleum Corporation in 2021 reached a multi-billion amount.
A lot of businesses incurred huge losses amid the COVID-19 pandemic. At the height of the lockdowns which were needed to curb the spread of the virus, many businesses had to stop or minimize their operations. Not only small businesses but even big ones were affected by the pandemic.
In fact, several businesses were not able to cope with the demands of the pandemic and had no choice but to close their companies or establishments temporarily or permanently. In other cases, flexible work arrangements were adapted while others turn to operating on a skeletal workforce.
Amid the COVID-19 pandemic, there were travel restrictions. Gas stations are among those that were affected by the pandemic because of the measures. Shell’s net income in 2020 turned to a loss of P16.2 billion.
Meanwhile, a lot of businesses now are on the path to recovery. One of these is Pilipinas Shell Petroleum Corp, Based on a report on ABS-CBN News, Shell’s net income reached P3.9 billion in 2021. The fuel company’s core earnings reached P2.3 billion which is several folds of its 2020 core earnings which were at P300 billion.
According to Pilipinas Shell president and CEO Lorelie Quiambao-Osial, their strategy of “powering progress” is working despite the challenges brought by the pandemic. Based on the report, the oil company is hoping there will be a continuous improvement in their marketing volumes now that more and more people are vaccinated and many are back on the road.
Currently, there is another challenge that many Filipinos are struggling to cope with – the oil price hike. The prices of oil have continuously spiked 12 times already since January 2022.
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