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MANILA, Philippines—Petron Corp. nearly tripled its net income in 2013 on the back of its sales performance in Malaysia.
In a statement, the country’s leading oil firm said it booked a consolidated net income in 2013 of P5.1 billion, nearly three times the P1.78-billion income posted in 2012 on “higher sales volumes for its Philippine and Malaysian operations.”
“The increase can be mainly attributed to the full consolidation of Petron Malaysia in 2013 versus nine months the previous year. As a result, revenue grew by 9 percent to P463.6 billion in 2013 from P424.8 billion in 2012,” Petron said.
Petron also reported a 10-percent increase in sales volume to 81.5 million barrels in 2013 from 74.3 million barrels in 2012.
The company said it made some headway in terms of income growth as well as in its major projects.
It maintained market leadership with an overall share in the Philippines of nearly 37 percent, driven mainly by its ongoing network expansion program.
Last year, the company added more than 200 service stations to its nationwide retail network to end 2013 with 2,200 service stations, more extensive than its two closest competitors combined.
In the strategic and highly competitive reseller trade, Petron saw a sales volume growth of over 3 percent.
Meanwhile, the $2-billion Refinery Masterplan Phase 2, or RMP-2, is nearing full completion, Petron said. RMP-2 is a “game-changing initiative” that allows the full utilization of the Petron Bataan Refinery’s 180,000 barrels-per-day capacity, therefore enhancing the country’s supply security.
It will also allow the refinery to significantly increase its production of high-value white products (i.e. gasoline) and petrochemicals.
Once finished, Petron will be the only oil company capable of locally producing a full range of Euro-4-compliant fuels. RMP-2 will be in full commercial operation by 2015.
In Malaysia, Petron has successfully rebranded over 300 out of 555 stations. The rebranding program is targeted for completion by the end of 2014.
Originally posted: 3:30 pm | Monday, March 24th, 2014
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