Home Economy Petron says income rises 51% to P10 billion

Petron says income rises 51% to P10 billion

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PETRON CORP. saw a 51% increase in its consolidated net income for 2023, reaching P10.1 billion from P6.7 billion the previous year, driven by higher sales volume, the Ang-led company announced on Tuesday.

“We made much progress in the things we sought to accomplish like our financial recovery and further expansion,” Petron President and Chief Executive Officer Ramon S. Ang said in a statement.

“Looking ahead, we are inspired to be more responsible, accountable, and sustainable as we continue to grow our business,” he added.

For 2023, Petron reported a combined sales volume of 126.9 million barrels for 2023, up 13% from the 112.8 million barrels sold in 2022.

“The group’s strong volume performance was driven by the significant growth in its Jet Fuel and LPG sales backed by higher production at its Bataan and Port Dickson refineries,” the company said.

Under its operations in the Philippines, Petron sold 79.5 million barrels, higher by 16% than the 68.5 million barrels the previous year.

The Jet Fuel brand drove the company’s local industrial sales, which grew by more than 50%. Domestic LPG sales rose by 26%, strengthened by Petron’s LPG brands, Petron Gasul and Fiesta Gas. Sales in the retail sector climbed by 15%.

Citing data from the Department of Energy, Petron said that its overall market share increased to 24.5% in the first half of 2023.

The listed oil company’s revenues fell by 7% to P801 billion from the previous year’s P857.6 billion.

This was attributed to the prices, which “continued to correct from their record-high levels in 2022.” The full-year average price of benchmark Dubai crude went down by 15% to $82 per barrel.

Operating income improved by 60% to P30.7 billion from the P19.2 billion previously.

“The upswing in the financial results came at a time of persistent geopolitical conflicts and global inflationary concerns pressuring the market,” the company said.

Shares in the company climbed by five centavos or 1.55% to close at P3.27 each. — Sheldeen Joy Talavera

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