MANILA, Philippines—Publicly listed Phoenix Petroleum Philippines Inc. posted a modest 5-percent increase in its net income to P541.3 million in the first nine months of the year from P515.7 million a year ago, due to higher volume of fuel sold during the period.
In a disclosure to the Philippine Stock Exchange, Phoenix Petroleum reported that its consolidated revenues also grew by 27 percent from the January to September period to P31.7 billion from the P24.9 billion recorded in the same period last year.
Earnings per share however dipped to 37 centavos in 2013 from 38 centavos in 2012.
According to Phoenix Petroleum, the growth in revenues was brought about by the 32-percent increase in the fuel sales volume. This increase, in turn, was fueled by the company’s aggressive retail network expansion program and the continuous significant growth from sales to commercial accounts, primarily to fishing, mining, power and transportation sectors.
As of end September 2013, Phoenix Petroleum has a total of 358 stations, of which 208 are based in Mindanao, 45 are located in Visayas, while the remaining 105 stations are in Luzon.
To further increase its retail station visits and drop-in rate, the company continues to roll out stations with locator spaces. Business locators in Phoenix stations include restaurants, convenience stores, money remittance centers, car servicing shops, bank ATMs, and other non-fuel related business establishments.
Phoenix Petroleum further claimed that it increased its market share to around 8.2 percent in the first half of 2013, from 6.5 percent in 2012, excluding the liquefied petroleum gas (LPG) and export sectors. The Department of Energy however had placed the market share of Phoenix Petroleum lower at 7.2 percent in the first half of the year, as based on its Oil Supply/Demand report.
Phoenix Petroleum claims to be the leading independent and fastest growing oil company, with an expanding network of operations nationwide. It is engaged in the business of trading refined petroleum products and lubricants, operation of oil depots, and storage facilities, shipping and logistics and allied services.