DAVAO-BASED leading independent oil company Phoenix Petroleum Philippines Inc. posted a net income of P255 million for the first quarter of the year, up by 11 percent from last year’s numbers.
The growth, it said on Thursday, was brought about by the increase in sales volume of petroleum products by 56 percent compared to the same period in 2015.
Growth in sales volume was driven by strong performances from the retail and commercial sales segments of the company. Retail sales grew by 22 percent from the expansion of the company’s retail-station network and improvements in same-store sales.
Phoenix added 14 more retail stations to its network of 454 stations as of the end 2015, for a total of 468 stations as of end-March this year.
Sales to commercial accounts—primarily to the power, shipping, fishing, mining and transportation sectors—registered a continuous growth during the year.
Phoenix Petroleum supplies about 50 percent of Cebu Pacific’s jet-fuel requirements and handles all their logistics needs in Mindanao and many parts of the Visayas.
The company continues to expand its logistics, storage and infrastructure to support both its retail network expansion and its commercial and industrial clients.
The nonfuel-related business (NFRB) complements the growth of the retail segment by adding more locators to various retail-station sites. This segment has been growing as Phoenix continues to build bigger stations with ample spaces that can accommodate the growing needs of NFRB by capitalizing on the company’s brand and the stations’ good location.
The company plans to embark on a share buyback program this year of up to P250 million. The company believes its share price is heavily discounted in the market compared with its peers in the country and in the region.