Quantcast
Latest Stories

Phoenix Petroleum among top 7 importers

By

PUBLICLY LISTED Phoenix Petroleum Philippines Inc. has been recognized by the Bureau of Customs as among the country’s top importers, having remitted P4.7 billion in import taxes to the government last year.

In a disclosure to the Philippine Stock Exchange Friday, Phoenix Petroleum said it was among the top 7 importers in the country, and the fourth largest among oil companies.

Finance Secretary Cesar Purisima and Customs Commissioner Rozzano Rufino B. Biazon presented the recognition to Phoenix Petroleum and other top importers last Wednesday during the BOC’s 111th Founding Anniversary held at the Malacañang sa Sugbu in Cebu City.

Phoenix Petroleum has also been recognized earlier as the top importer in Davao City and among the top ten in Cagayan de Oro last year.

In 2012, Phoenix Petroleum posted a 16 percent growth in its consolidated net earnings to P643 million, from the P556 million it posted in 2011.

Consolidated revenues in 2012 also rose by 27 percent to P35 billion, from the P27.5 billion registered the previous year.

The oil company explained that a substantial portion of this revenue growth was brought about by the 26 percent increase in the volume of fuel sold during the year, and by additional revenue amounting to P274 million, which came from the acquisition of Chelsea Shipping Corp. last year.

“The surge in fuel sales volume in 2012 was driven primarily by the company’s continuously expanding retail station network. The company’s network reached 300 stations at the close of 2012. Of these stations, 191 are based in Mindanao, 21 in Visayas and 88 are in Luzon,” Phoenix Petroleum earlier explained.

“At the same time, sales to commercial accounts, primarily to the airlines, shipping, fishing, mining, power and transportation sectors, registered a continuous growth during the year. Phoenix Petroleum supplies more than 50 percent of Cebu Pacific’s jet fuel requirements and handles all their logistics needs in Mindanao.”

As of end-2012, the market share of Phoenix Petroleum grew to 6 percent from 5.5 percent as of end-2011.

Phoenix Petroleum’s continuous investments in its retail, depot facilities, logistics infrastructure, and the acquisition of Chelsea Shipping Corp., brought the company’s total resources to P17.1 billion in 2012, up by 32 percent from that of 2011.

Total shareholder’s equity meanwhile stood at P4.58 billion at the end of 2012, higher than the P3.74 billion recorded in 2011.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Business , importers , Phoenix Petroleum



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Anti-gay demo in Ethiopia cancelled
  • Obama launches measures to support solar energy in US
  • Nebraska toddler gets stuck inside claw machine
  • Philippine eagle rescued by Army turned over to DENR
  • Gunmen attack Iraq military base, kill 10 soldiers
  • Sports

  • Vietnam says it will not host Asian Games
  • Nadal passes clay landmark with 300th victory
  • Wawrinka waltzes through with Monte Carlo walkover
  • Power Pinays smash India in Asian Women’s Club volleyball opener
  • PH youth boxers off to stumbling start in AIBA World tilt
  • Lifestyle

  • Ford Mustang turns 50 atop Empire State Building
  • Pro visual artists, lensmen to judge Pagcor’s photo contest
  • ‘Labahita a la bacalao’
  • This is not just a farm
  • Clams and garlic, softshell crab risotto–not your usual seafood fare for Holy Week
  • Entertainment

  • Cannes film festival launches race for 2014 Palme d’Or
  • Jones, Godard, Cronenberg in competition at Cannes
  • Will Arnett files for divorce from Amy Poehler
  • American rapper cuts own penis, jumps off building
  • Jay Z to bring Made in America music fest to LA
  • Business

  • Total says makes ‘very promising’ oil find off Ivory Coast
  • ‘Chinese Twitter’ firm Weibo to go public in US
  • World stocks subdued, Nikkei flat on profit taking
  • Asia stocks fail to match Wall Street gains
  • Fired Yahoo exec gets $58M for 15 months of work
  • Technology

  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Filipinos #PrayForSouthKorea
  • Taylor Swift tries video blogging, crashes into fan’s bridal shower
  • DOF: Tagaytay, QC best at handling funds
  • Smart phone apps and sites perfect for the Holy Week
  • Opinion

  • Editorial cartoon, April 17, 2014
  • A humbler Church
  • Deepest darkness
  • ‘Agnihotra’ for Earth’s health
  • It’s the Holy Week, time to think of others
  • Global Nation

  • Malaysia quarantines 64 villagers over MERS virus
  • DFA: 2 Filipinos survive Korean ferry disaster
  • PH asks airline passengers to check for MERS
  • Syria most dangerous country for journalists, PH 3rd—watchdog
  • Japan says visa-free entry still a plan
  • Marketplace