Publicly listed Phoenix Petroleum Philippines Inc. posted a 126-percent surge in net income to P305 million in the first half, due largely to an 87-percent increase in sales volume during the period.
In a disclosure to the Philippine Stock Exchange, Phoenix also reported that its revenue in the first six months grew to a hefty P13.979 billion from the previous year’s P6.188 billion. Total cost and expenses also rose significantly to P13.494 billion from P5.963 billion year on year.
According to Phoenix Petroleum, the increase in sales volume during the period can be attributed to the aggressive expansion of the independent oil company’s retail network. Phoenix Petroleum has a network of 190 stations as of June 2011 from 161 stations at the end of 2010. Of the 190 stations, 141 are in Mindanao, 6 in Visayas, and 43 in Luzon.
In 2010, Phoenix Petroleum is estimated to have captured 2.5-percent market share in the petroleum industry based on volume. It is the leading independent oil company in Mindanao and is aggressively expanding in Luzon and Visayas, the company claimed.
Based also on its first-half performance, the company also expressed confidence that it would hit its target of 80 additional stations for the whole of 2011.
This year alone, the oil firm has already allocated P1.5 billion for its capital expenditure program, allowing it to end the year with over 200 retail stations nationwide. Phoenix Petroleum is also completing the construction of two fuel storage terminals to add to its five existing terminals, which are all located within industrial zones.