Power

Dennis Uy’s Phoenix ends 2020 with P63M profit

Phoenix Petroleum Philippines Inc. reported a net income of P63 million last year despite challenging market conditions due to the coronavirus pandemic.

In a statement, Phoenix said strong fourth quarter results pushed up its earnings for the year.

Volume grew 32 percent last year as global oil prices recovered and economic activities picked up in the fourth quarter.

Overseas volume, which more than doubled in 2020, thrived amid the pandemic.

PNX Petroleum Singapore was able to expand its external fuels and LPG sales during the year, leveraging on the scale of Phoenix’s domestic operations while overseas LPG volume, through Phoenix Gas Vietnam, almost tripled in volume during the year as the country became one of the fastest to recover from the pandemic.

Domestic volume,however, declined by 20%.

LPG grew 32% year-on-year against industry contraction.

At the same time, improved working capital management, shorter cash cycle, and refinancing initiatives strengthened the company’s financial position with interest costs down by 28%.

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