PHOENIX Petroleum Philippines Inc. continued to improve its market share, ending 2017 with 6.2 percent as against the previous year’s 5.7 percent.
The company recorded a net income of P1.79 billion, a 65-percent growth from P1.09 billion in 2016. Taking out the non-recurring gains and costs related to its newly acquired liquefied petroluem gas business, core income still reached an all-time high of P1.42 billion, a 30-percemt increase year-on-year.
Revenues grew 45 percent to P44.43 billion, driven by a strong fuels business in which sales volume increased by 17 percent to 1.76 billion liters.
At end-2017, the market share of Petron Corp. stood at 27.5 percent Shell with 19.93 percent and Chevron with 7 percent. Phoenix placed fourth.
Based on data from the Department of Energy’s (DOE) Oil Supply/Demand Report for 2017, Phoenix said it is “improving the most in market share among the top four players, reinforcing its reputation as the fastest-growing oil company in the country.”
Phoenix Petroleum led other independents as it posted record volume sales in 2017. The share includes that of Petronas Energy Philippines, the LPG business acquired by Phoenix last year, which was renamed Phoenix LPG Philippines Inc.
“We are proud to be an emerging major in the industry today, after having started just over 15 years ago in Davao City,” Phoenix Petroleum President Dennis Uy said. “As we enter the next phase of our growth, we will continue to be passionate and committed in serving our customers’ needs and growing the business. This milestone inspires us further towards our vision of being an indispensable partner to our customers and business partners.”
In just 15 years Phoenix Petroleum has grown from five stations in Mindanao to 530 nationwide, making it the fastest-growing oil company in the Philippines.
Phoenix Petroleum is engaged in the nationwide trading and marketing of refined petroleum products, including LPG and lubricants, operation of oil depots and storage facilities, hauling and into-plane services; convenience-store retailing; and trading and supply.
The oil firm recorded its best-performing year yet in 2017, when it posted triple all-time highs in sales volume, revenues and net income.
Last year the major oil firms Petron Corp., Pilipinas Shell Petroleum Corp. and Chevron Philippines got 54.6 percent market share of the total demand for petroleum products.
Other industry players captured 45.4 percent of the market. These include PTT Philippines, Total Philippines, Seaoil Philippines, TWA Inc., Phoenix, Liquigaz, Prycegas, Micro Dragon, Unioil, Isla Gas, Jetti, Eastern Petroleum, JS Union, JS Philippines Corp., Petrotrade, South Pacific, Marubeni, SL Harbour, Insular, Rockoil, RK3 International, Perdido and Filoil Logistics Corp. and other end-users that directly import most of their requirement.
Local refiners Petron and Shell captured 47.6 percent of the total market demand while 52.4 percent was credited to direct importers or end-users.