Phoenix Petroleum among top 7 importers

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.