Phoenix Petroleum reports 11% jump in 1st quarter net income

Phoenix Petroleum Philippines Inc. said better sales drove an 11-percent year-on-year jump in its net income, which reached P282 million in the first quarter.

In a statement, Phoenix said higher efficiencies also helped the bottom line grow from P255 million in the first quarter of 2016.

Also, turnover surged 35 percent to P8.7 billion as sales volume zoomed by 39 percent.

As of the first quarter, Phoenix counted 515 retail service stations in operation, with more stations under construction and slated for opening within this year.

The company said it had continued to beef up its commercial business portfolio with new direct accounts, including customers in the power, transport, construction, aviation and manufacturing sectors.

Phoenix president and chief executive Dennis Uy said the company was poised for stronger performance this year as it introduced new products and services and continued its expansion.

“Our customers and business partners can look forward to more innovations from us as we aim to be their indispensable partners in their business and in their journeys,” Uy said.

He said the company was expanding its supply chain assets with new depots in the cities of Cebu and General Santos and the expansion of its terminal in Calaca, Batangas.

Earlier, the company said it had earmarked P10 billion for expansion, including possible acquisitions, over the next three years.

For this year alone, Phoenix has allocated P2 billion for capex amid continuous expansion of its retail network, storage and logistic capacities.