Petron Corp. yesterday said its consolidated net income surged by 30 percent to P14.1B in 2017 from P10.8 billion in the previous year given strong retail volumes.
“We were able to capture the increase in fuel demand with the robust growth of the Philippine and Malaysian economies,” Petron president and chief executive Ramon S. Ang said in a statement.
“Underpinned by large-scale infrastructure projects, we see strong demand growth in both markets over the medium-term and this bodes well for our business,” Ang said.
Similarly, the oil refiner’s consolidated sales revenue jumped by 26 percent to P434.6 billion last year from P343.8 billion in 2016.
Further, operating income leaped by 16 percent to P27.6 billion during the period.
The oil refiner attributed such growth to strong sales volumes and its “continued focus on high-value segments” in both its Philippines and Malaysia operations.
The company chalked up a new record sales volume of 107.8 million barrels in 2017, up by 2 percent from the previous high of 105.7 million barrels.
With the number of service stations surpassing 3,000 last year, Petron said its consolidated retail volume grew by 8 percent buoyed by double-digit growths in high-margin products like gasoline, jet fuel and lubricants.
According to Petron, sales would have been much higher if not for scheduled maintenance turnarounds in both its 180,000 barrel-per-day refinery in Bataan and its 88,000 barrel-per-day facility in Malaysia’s Port Dickson town.
Ang said Petron was expanding its logistics and retail network in both the Philippines and Malaysia to meet more demand.
“Even with our strong presence backed by our unmatched logistics and production capabilities, we are committed to invest more and help secure the country’s energy needs,” Ang added.