Petron net income up by 9% in 2022

High demand for gasoline and diesel products pushed up Petron Corp.’s profit in 2022 by 9 percent, as the oil firm continued its recovery from the impact of the COVID-19 pandemic.

Petron’s consolidated net income was at P6.7 billion in 2022, higher than the previous year’s P6.1 billion.

Sales volume from both international and local operations increased, as Petron sold 112.81 million barrels by the end of 2022, up by 37 percent from 82.24 million in the previous year.

Locally, the company sold 68.53 million barrels, higher than the 47.9 million barrels in 2021.

“We’ve been consistent in our recovery, with our profits already at pre-pandemic levels over the past two years. We continue to note an increased and growing demand for our products even as we contend with pricing challenges, heavy competition, and the lingering effects of the pandemic,” said Petron president and CEO Ramon S. Ang.

Despite lower prices in the second half of the year, Petron said its operating income closed at P19.21 billion, surpassing the previous year’s P17.21 billion by 12 percent.

Service station volumes in the Philippines and Malaysia, meanwhile, posted a 26-percent growth due to high demand for gasoline and diesel products. The continued recovery of industrial and aviation sectors also enabled a 30-percent growth in combined commercial sales.

This year’s numbers are an improvement from the company’s net income in 2020.  To recall, Petron suffered a P11.4-billion net loss that year due to stringent community quarantine restrictions.

In 2019, Petron recorded a net income of P2.3 billion, down from P7.1 billion in 2018.