LISTED oil firm Phoenix Petroleum Philippines Inc. recorded a net income of P1.437 billion for the nine months of the year, up by 59 percent compared to the same period a year ago, mainly on account of higher revenues.
The figures already include its newly acquired liquefied petroleum gas (LPG) business, the oil firm said on Monday. The purchase of Petronas Energy Philippines Inc. (Pepi) was completed in August. Pepi has since been consolidated and renamed Phoenix LPG Philippines Inc. (PLPI), a 100-percent owned subsidiary of Phoenix Petroleum.
Revenues from the core petroleum business during the period were up 37 percent to P32.6 billion on the back of robust volume growth in retail, lubricants and LPG. Third-quarter volume was particularly strong.
“Phoenix Petroleum’s strong performance in the third quarter shows our commitment to growing the business through customer focus, operational excellence and acquisition of complementary businesses,” company president Dennis Uy said.
Excluding the nonrecurring gains and expenses related to the acquisition, core income reached P1.081 billion, higher by 9 percent year-on-year.
At end-September, Phoenix completed 523 retail service stations. It also continued to acquire new commercial direct accounts, while expanding its market share within existing accounts, including power, shipping, logistics, transportation and manufacturing, among others.
Through acquisitions, Phoenix Petroleum continues to create growth and opportunities in highly attractive industries and markets that are complementary to its core fuel business and are underpinned by strong macroeconomic fundamentals.
On October 30 it announced the potential acquisition of Philippine FamilyMart, which holds the area franchise for FamilyMart convenience stores in the Philippines. The transaction is still subject to the approval of the Philippine Competition Commission. Family Mart, with 67 stores in Luzon, is an excellent platform on which the oil firm can establish and grow its presence in the high-margin, fast-growing consumer retail space and leverage on potential synergies with its affiliate companies.