Steady volume growth buoyed Petron’s 9-month profits

| PHOTO: Official website of Petron Corp.

MANILA  -Steady volume growth buoyed oil firm Petron Corp.’s earnings in the first nine months of the year to P9.5 billion, a 16-percent jump despite lower revenues triggered by price corrections.

In a stock exchange disclosure on Tuesday, the country’s biggest petroleum firm said its consolidated sales volume climbed to 93.6 million barrels from January to September, a 16-percent growth from the same period last year.

In the Philippines alone, sales volume rose by 20 percent to 42.7 million barrels on the back of higher gasoline and diesel demand.

“We are seeing consistent growth in all areas of our business. Our wide reach, superior product quality and reliable service have allowed us to sustain our good performance throughout the year, and maintain or even strengthen our market share in high-demand sectors,” said Petron president and CEO Ramon Ang.

Commercial volumes also grew by 12 percent, with Petron citing its “dominance in the aviation sector,” as well as new sales agreements with major airlines and flag carriers.

Consolidated revenues, however, dipped to P587.3 billion from P631.1 billion due to price corrections in the global market in the aftermath of Russia’s invasion of Ukraine.

Petron explained that while international prices started to increase in the third quarter, the year-to-date September average of the benchmark Dubai crude closed at nearly $82 per barrel, an 18-percent decline from last year.

The company’s operating income, meanwhile, increased by 64 percent to P27 billion due to strong volume growth. INQ