PETRON Corp.’s net income for the nine months of the year surged by 58 percent to P11.8 billion, from P7.4 billion in the same period a year ago, mainly on account of improving sales from its Philippines and Malaysian operations.
Combined sales volumes hit 80.2 million barrels in the three quarters of the year, slightly higher than the 79.3 million sold in the same period in 2016.
Petron said sales volumes would have been higher if not for the scheduled maintenance of its Bataan refinery. The refinery operated below optimum capacity for 35 days in the second quarter, and 18 days in the third quarter. Malaysia grew volumes by 9 percent in the period under review.
In the cutthroat-retail segment, Petron’s consolidated volumes grew by 8 percent as a result of its continuing network expansion in both markets coupled with innovative loyalty programs. Lubricant sales, meanwhile, jumped 15 percent as the company’s high-performance engine oils remain a top choice among motorists. Gasoline and Jet A-1, likewise, saw double-digit volume increases at 15 percent and 11 percent, respectively.
Petron’s petrochemical sales grew by 24 percent over the period. Last year Petron commissioned its upgraded refinery in Bataan, significantly increasing its fuels production, as well as petrochemicals to fuel the country’s economic growth.
Consolidated sales revenues for the first nine months of 2017 reached P313.5 billion, up 27 percent from 2016’s P247.8 billion. Operating income, in turn, grew by 31 percent to P22.1 billion versus the previous year’s P16.8 billion.
“We will definitely have another banner year as we reap the benefits of our strategic programs. These have given us more diverse income stream and improved profitability,” Petron Chairman Eduardo Cojuangco Jr. was quoted in a statement as saying. “As the only Filipino-owned oil major, Petron is committed to making substantial investments to support the government’s call for fresh investments, new jobs, additional infrastructure and stronger public-private partnerships.”
Already, Petron is studying the next phase of its refinery upgrade and expansion aimed at increasing production of high-margin fuels and petrochemicals. The company is also expanding its logistics and retail network in both countries.