PILIPINAS Shell Petroleum Corp. (PSPC) on Wednesday announced its net income reached P7.8 billion in the first half of 2022, enabling the company to declare a dividend of P1 per share payable this September, delivering an industry-leading 5.6-percent dividend yield.

“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,” PSPC President and Chief Executive Officer Lorelie Quiambao-Osial said.

During the six-month period, global product prices reached historical highs this year versus the start of the year —that caused a rise in working capital requirements. Despite this, PSPCl’s strong fiscal management allowed the company to maintain a controlled level of borrowings. Excluding movement in working capital, the company ended with a positive cash flow from operations of P13.7 billion —up from 2021’s P7.6 billion.

“The world is evolving and so is Shell. Through our 108-year history, we have been offering our customers more than just high-quality products and services,” said Quiambao-Osial.

Pilipinas Shell has helped its B2B customers increase their operational efficiencies through the company’s technical services and the first carbon offsetting program in the country, and made consumer travel more enjoyable with convenience offers, designing its mobility sites to be more than just stopovers but points of destination.

“We are on the cusp of a revolution in energy with the launch of the first of a series of EV (electric vehicle) charging stations, with more mobility sites using solar power, and we are prepared to bring our global technology expertise to other offerings, should the market need arise,” she said.

Quiambao-Osial noted that Shell is more than just a fuels and lubricants business. “As we continue to adapt to changing customer and stakeholder needs, so must our corporate name. We are now Shell Pilipinas Corp., ready to meet the energy challenge and embrace opportunities in decades to come. The change in name has the approval of our board of directors, pending that of regulatory bodies.”