Robust sales lift Petron’s earnings to P14.4B
The country’s leading oil refining and marketing firm Petron Corp. saw its net income grow 30 percent to P14.1 billion last year on strong sales volumes and continued focus on high-value segments.
Revenues grew 26 percent to P434.6 billion while operating income increased by 16 percent to P27.6 billion.
Petron sold 107.8 million barrels last year, up from 105.7 million barrels in 2016.
Consolidated retail volumes rose eight percent as the company continued to expand to breach the 3,000 service station count during the year.
Petrochemicals provided good margins and additional revenue as volumes grew by 9%.
“We were able to capture increased fuel demand with the robust growth in the Philippine and Malaysian economies. Underpinned by large scale infrastructure projects, we see strong demand growth in both markets over the medium-term and this bodes well for our business,” said Ramon S. Ang, president and CEO of Petron.
“Even with our strong presence backed by our unmatched logistics and production capabilities, we are committed to invest more and help secure the country’s energy needs,” he added.