Phoenix Petroleum Philippines Inc. reported a 59-percent surge in net income at end-September, bolstered by the recent acquisition of Petronas group’s LPG business.
The Davao City-based independent oil firm hit a P1.44-billion profit during the nine-month period.
Phoenix last August completed the purchase of Petronas Energy Philippines Inc. (Pepi), which was renamed Phoenix LPG Philippines Inc. (PLPI).
Had the nonrecurring gains and expenses related to the acquisition were excluded, core income for January to September would show a 9-percent year-on-year increase to reach P1.08 billion.
During the period in review, revenues from the core petroleum business jumped 37 percent year-on-year to P32.6 billion.
This was attributed to “particularly strong” growth in volumes across the retail, lubricants and LPG segments. As of September, Phoenix counts 523 retail service stations.
Also during the period, Phoenix said it continued to acquire new commercial direct accounts as well as expanded its market share of existing accounts. The latter included customers engaged in power, shipping, logistics, transportation and manufacturing, among others.
“Phoenix Petroleum’s strong performance in the third quarter shows our commitment to growing the business through customer focus, operational excellence, and acquisition of complementary businesses,” Phoenix president and chief executive Dennis Uy said in a statement.
Phoenix is on a shopping binge, announcing also in October the potential acquisition of Philippine FamilyMart, which holds the area franchise for FamilyMart convenience stores in the Philippines.