The oil refiner posts income growth despite crude oil inventory losses and a 45-day scheduled maintenance shutdown of its refinery
This is compared to the P5.3 billion registered in the same period in 2016.
The country’s leading oil refining and marketing company said its January to June performance was driven by its deliberate focus on more profitable segments and improved refinery production yields, while sustaining sales volumes coming from a record-breaking year in 2016.
The double-digit growth was recorded despite some crude oil inventory losses and a 45-day scheduled maintenance shutdown of its refinery as part of its 10-year inspection program.
“With our upgraded refining capabilities, we derived more value and produced more profitable products. This is strongly complemented by our extensive expansion efforts in both our logistics and retail businesses,” Petron president Ramon Ang said in a statement.
During the period, total sales volumes for both Malaysia and the Philippines reached 52.9 million barrels, slightly higher than the previous record of 52.6 million from 2016. Petrochemical sales also surged 78% year-on-year. (READ: Meet Ramon Ang, Filipino billionaire and Duterte’s friend)
Consolidated sales revenues increased by 28% to P207 billion in the 1st 6 months of the year, from P161.9 billion over the same period in 2016.
Operating income stood at P14.6 billion, a 27% improvement from the previous year’s P11.5 billion.
Meanwhile, Petron remains confident about its prospects for the year, underpinned by the Philippines’ strong economic performance.
“With the country’s economy growing at a rapid pace, we are expanding our facilities not just for the needs of today but also to ensure a reliable and continuous supply of quality fuels for tomorrow,” Ang said.
“Our expansion projects mean more employment opportunities and economic activity, which help in nation-building,” he added.
Petron has a combined retail network of almost 2,900 service stations, more than a fifth of which are in Malaysia. Since 2012, it has rebranded and built an extensive retail network of nearly 600 stations in Malaysia.
Petron also has dozens of service stations in various stages of development in both countries. – Rappler.com