MANILA, Philippines—Phoenix Petroleum Philippines Inc. posted a strong first quarter this year with a 122-percent surge in its sales to P6.1 billion, compared to the P2.75 billion it recorded during the same period last year.
In a disclosure to the Philippine Stock Exchange, Phoenix explained that the growth came from the aggressive expansion of the oil company’s retail network, as well as the increase in sales from its retail and commercial accounts. Sales volume almost doubled year-on-year, the company said.
As of end-March 2011, Phoenix Petroleum has 178 stations operating nationwide, from 161 retail gas stations as of end 2010. Of the 178 stations, 135 are in Mindanao, six in the Visayas, and 37 in Luzon.
Based on its first quarter performance, the company said it was confident of hitting its target of putting up 80 additional stations before the end of the year.
In 2010, Phoenix Petroleum managed to grow its share in the oil industry to 2.5 percent from the previous year’s level of 1.21 percent. The oil company now claims to be the leading independent oil company in Mindanao.
Phoenix Petroleum is engaged in the storage, hauling and distribution of petroleum products in the Philippines through its national retail network and institutional accounts.