Petron 2016 net income surges by 73%

INQUIRER.net FILE PHOTO

Petron Corp. saw its full-year net income surge 73 percent to P10.8 billion in 2016 on record-high sales volume.

The homegrown oil refiner, which is also present in Malaysia, said in a statement that its performance last year was also driven by operational efficiency as well as effective risk management.

Business segments in both the Philippines and Malaysia —including reselling, industrial, liquefied petroleum gas and lubricants—posted double-digit growth rates.

The two markets posted a combined sales volume of 104.3 million barrels, an increase of 6 percent from 98 million barrels sold in 2015.

In the Philippines alone, the volume grew by 10 percent— also a record of 48.2 million barrels—to outpace domestic demand which the Department of Energy placed at 8.8 percent.

Both the retail and commercial sectors gave sales in Malaysia an 8-percent boost, mainly with the launch of new products as well as increased demand and new accounts.

“We exceeded expectations in 2016 and are well-poised to sustain our growth momentum this year with our continued focus on profitable market leadership, optimal product yields from our refinery, and further synergies internally and with other San Miguel companies,” said Ramon S. Ang, Petron president and chief executive.

“With the expected rise in vehicle sales, the influx of tourists, and more manufacturers setting up shop in the country, we are confident that we will be able to capture this growth since we are backed by the most extensive distribution and retail value chain in the country,” Ang said.