Publicly listed Phoenix Petroleum Philippines Inc. grew its net profit to P516 million in the first nine months of 2012 from P491 million a year ago due largely to an increase in the volume of fuel products sold.
In a filing with the Philippine Stock Exchange on Wednesday, the independent oil firm also reported that it posted a 19-percent hike in its revenue to P24.9 billion in the same period from the P20.9 billion a year ago.
The higher revenue can be attributed to the 24-percent increase in the volume of fuel products sold and the 20.45-percent earnings contribution of Phoenix Petroleum’s newly acquired affiliate, Chelsea Shipping Corp., during the period covered.
Phoenix Petroleum said the increase in sales was a result of a wider distribution network, expanded institutional customer base and improved price competitiveness. Phoenix Petroleum had 275 retail stations as of the end of September 2012, of which 173 are in Mindanao, 21 in Visayas and 81 in Luzon.
Last year, Phoenix Petroleum was able to increase its market share in the downstream oil industry to almost 6 percent from 3.2 percent, in terms of volume.
The company has started its most aggressive retail network expansion program to date. This involves the setting up of about 100 gas stations this year alone.
Under this program, the company allocated P500 million to put up 40 gas stations in Luzon, 20 in the Visayas and 40 more in Mindanao next year. This is “to formalize our claim to be the leading independent player in the oil industry,” the company said in a statement.
The independent oil industry player is aiming at increasing the number of its retail stations to 500 within the next five years.
Phoenix earlier said it was also planning to put up this year three more depot terminals in Iloilo, Bacolod and Cebu to support its growing retail network.—Amy R. Remo