Phoenix Petroleum delivers biggest ever profit of P1.79B
Davao-based businessman Dennis Uy’s Phoenix Petroleum Philippines Inc. said its net earnings grew to a record P1.79 billion, up 65 percent year on year.
Taking out the non-recurring gains and costs related to the newly-acquired LPG business, core income still reached an all-time high of ₱1.42 billion, or a 30 percent increase year-on-year.
Revenue grew 45 percent to ₱44.47 billion on the strength of the fuels business, in which sales volume expanded 17% to 1.76 billion liters.
The increase in revenues was also attributed to the opening of new stations, acquisition of new direct commercial accounts across various industries, as well as the consolidation of the LPG business.
Phoenix Petroleum ended 2017 with a total of 530 Phoenix retail service stations nationwide.
“Phoenix Petroleum’s momentum in 2017 is a result of its investments over many years in its people, products, and partnerships. We will continue to be opportunistic as we grow the business,” said Uy, president and CEO of the leading independent oil firm.
In the past 12 months, the company completed two acquisitions, marking its foray into the higher margin business of LPG and convenience retailing. LPG and convenience stores (CVS) are underpenetrated markets with tremendous domestic growth potential as they benefit from consumers’ growing purchasing power and evolving lifestyle.