Publicly-listed Phoenix Petroleum Philippines, Inc. (PNX.PS) said yesterday that its net income grew by 33 percent in the first half of the year from the same period last year, on the back of a 46 percent increase in fuels sales volume.
“The growth in fuels sales volume was driven by a 26% growth in its retail station sales and a 59% growth in commercial, industrial, and aviation segment sales,” the firm said in a statement released on their website.
The company also attributes their growth on the first half of the year to as a result of their strategy to focus their expansion in the retail station network. Phoenix also added retail stations, from 454 stations as of end-2015 to 489 as of the end of June.
Phoenix also added two new tanker vessels and road fuel tankers. Growth has also been attributed to sales to commercial accounts to the aviation, power, shipping, fishing, mining and transportation sectors.
They also went on a buy-back program for P200 million worth of shares during the second quarter. Phoenix has consumed P26 million as of June 30.
“The Company continues to expand its logistics (shipping & land transport), storage and infrastructure to support both its retail network expansion and its commercial and industrial clients,” they said.