Phoenix Petroleum logs 27% income growth to P1.32 B in 9 months

Published November 10, 2018, 10:00 PM By Myrna M. Velasco
https://business.mb.com.ph/2018/11/10/phoenix-petroleum-logs-27-income-growth-to-p1-32-b-in-9-months/

Listed firm Phoenix Petroleum Philippines, Inc. has logged 27 percent income jump to P1.32 billion in the first nine months from the year-ago level of P914 million, which it mainly attributed to gain in sales volume.

On the backdrop of increased sales, the company indicated that it was able to sustain its market share at 7.1-percent, anchoring such on the data of the Department of Energy.

Revenue-wise, the Uy-led oil firm emphasized that it doubled to P64.96 billion within the January-September financial review period – as its volume of petroleum products sold climbed by a significant 51 percent. It had inched up to year-on-year record high of 2.02 billion liters.

As noted by Phoenix Petroleum Chief Operating Officer Henry Albert Fadullon, the company is seamlessly scouring for opportunities and takes grip on it when presented by the dynamic and competitive landscape of the industry.

“We are broadening our products and services – fuels, LPG, convenience stores, payments and soon asphalt,” the Phoenix Petroleum executive said.

Phoenix Petroleum explained that the jump in revenues had been partly propelled by “rise in benchmark crude as well as the imposition of the new excise tax rates starting January 2018.”

The company emphasized that on the domestic business domain, its volume had been up 12 percent and such had been driven chiefly by fuel sales as well as its liquefied petroleum gas (LPG) sub-segment – of which volumes expanded 11-percent and 23 percent, respectively.

It must be culled that the oil firm just recently announced the opening of its trading operations in Singapore, which it said had already added 500 million liters on its volume to-date.

The non-fuels operation of the company has likewise been gaining significant traction, primarily with the widening base of its Family Mart – an acquisition from the Ayala group that was cemented last year.

The LPG business is another component of its portfolio that it has been shoring up – primarily to the juicier market of Luzon as well as Visayas.