Phoenix Petroleum’s market share grows faster than the big 4
Businessman Dennis Uy’s Phoenix Petroleum Philippines Inc. saw its market share increase to 6.2 percent last year from 5.7 percent.
Based on the Department of Energy’s Oil and Supply/Demand Report for 2017, Phoenix posted the biggest growth among the four major players.
Phoenix Petroleum led other independent oil firms in terms of volume sales last year. The share includes that of Petronas Energy Philippines, the LPG business acquired by Phoenix last year and which has been renamed Phoenix LPG Philippines, Inc.
“We are proud to be an emerging major in the industry today, after having started just over 15 years ago in Davao City,” said Uy..
“As we enter the next phase of our growth, we will continue to be passionate and committed in serving our customers’ needs and growing the business. This milestone inspires
Phoenix Petroleum’s profit soared to a record P1.79 billion last year, up 65 percent from the year earlier on all-time highs in sales volume and revenues.
Revenues grew 45 percent to ₱44.43 billion, driven by a strong fuels business as sales volume increased by 17 percent to 1.76 billion liters.
Phoenix has 530 retail stations nationwide and serves a growing number of commercial and industrial accounts in power, marine, manufacturing, transportation, aviation, and other industries.