PETRON CORP. reported a nine-month consolidated net income of P9.5 billion, a 16% increase from last year’s P8.2 billion, driven by sustained volume growth.
In a regulatory filing on Tuesday, the listed oil company said its consolidated revenues fell by 6.9% to P587.3 billion from the P631.1 billion previously due to an oil price correction from “extraordinarily elevated levels” brought on by the Russia-Ukraine conflict.
“We are seeing consistent growth in all areas of our business. Our wide reach, superior product quality, and reliable service have allowed us to sustain our good performance throughout the year, and maintain or even strengthen our market share in high-demand sectors,” Petron President and Chief Executive Officer Ramon S. Ang said.
Petron said its operating income reached P27 billion, up 64% from P16.5 billion last year, driven largely by strong volume growth, allowing it to “absorb the more than 50% increase in financing cost.”
Nine-month sales volume increased 16% to 93.6 million barrels from 80.4 million barrels in the same period a year ago.
For Petron’s Philippine operations, sales volume went up by 20% to 42.7 million barrels from 35.5 million barrels last year.
Meanwhile, Petron’s sales volume from its commercial business jumped by 12% as of September as it secured sales agreements while renewing ties with major airlines and flag carriers throughout the period.
Retail sales from the Philippines and Malaysia increased by 8% driven by higher demand for Petron’s gasoline and diesel products.
“For nine decades, we have been more than just a brand… we have stood strong as the industry leader, creating opportunities for success defined by our value of malasakit (concern),” Mr. Ang said.
Petron, which is also a leading player in the Malaysian market, has a combined refining capacity of nearly 270,000 barrels a day. The company operates about 50 terminals in the region and has around 2,700 service stations where it sells gasoline and diesel.
The company has yet to report financial figures specific to the third quarter.
On Tuesday, shares in the company closed at P3.25 each. — Sheldeen Joy Talavera