LPG acquisition fires up Phoenix’s net earnings
Phoenix Petroleum Philippines Inc. of bilyonaryo Dennis Uy managed to post higher profits as of the end of September with the addition of liquefied petroleum gas in its business.
Phoenix Petroleum reported d a 59 percent jump in net income to P1.437 billion. Core earnings rose nine percent to P1.08 billion.
Revenues from the core petroleum business were up 37 percent to P32.6 billion on the back of robust volume growth in retail, lubricants, and LPG.
During the period, it completed 523 Phoenix retail service stations and also continued to acquire new commercial direct accounts, while expanding its market share within existing accounts, including 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,” said Phoenix Petroleum president and CEO Dennis Uy.