PHOENIX Petroleum Inc. said its strategic and aggressive investments in fuel retail and liquefied petroleum gas (LPG) businesses have made it resilient during a public health crisis.
The company noted a spike in residential demand for cooking fuel during the Covid-19 lockdown. It said volume increased by 39 percent on the back of consistent double-digit growth in its core markets in Visayas and Mindanao. It also established a strong foothold in the mature market of Luzon.
“Phoenix SUPER LPG has expanded threefold compared to when the company first bought the business in 2017,” it said Thursday.
Aside from changing consumer behavior, Phoenix said expansion was brought about by a “healthy inventory” and that 95 percent of its stores remained open even during the quarantine period.
In the retail business, Phoenix said its “high-gear expansion” made it more prepared to overcome the challenges faced by all oil companies. It has unveiled 126 new-to-industry stations, the highest number in company history.
Moreover, it upgraded 275 of its retail sites as part of an immediate-term program to refresh their network. As of end-March this year, the company has 660 retail stations nationwide. Fuel retail volume, meanwhile, was higher by 9 percent, owing to its aggressive network expansion.
“We have successfully adapted to the norm of conducting business. We acknowledge that the challenges brought about by the pandemic will stay for a while, but we are working around it to continue delivering excellent service to our customers and shareholders,” said Henry Albert Fadullon, president of Phoenix.
Fadullon said the Covid-19 pandemic is proving to be one of the most challenging times for businesses especially in the oil and gas industry.
However, he noted that Phoenix is bucking the trend and overcoming the challenges because of its diversified portfolio.
Phoenix Petroleum is engaged in the trading and marketing of refined petroleum products, including LPG and lubricants, operation of oil depots and storage facilities, hauling and into-plane services. Aside from its expanding retail network, it also serves major accounts in various industries, such as power, shipping, logistics, manufacturing, construction and transportation.
It also expanded to the convenience retailing business with its acquisition of Philippine Family Mart.
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