Independent oil company Phoenix Petroleum Philippines, Inc. (PNX.PS) saw a 19 percent increase on its net income to P903.8 million during the third quarter this year from P758.4 million in the same period last year.
Fuel sales volume drove a 38 percent growth, driven by an 18 percent growth in its retail station sales.
Commercial, industrial and aviation segment sales posted a 41 percent growth.
This comes after the company’s efforts to expand its retail station network, completing 495 stations as of end-September from 454 at the end of 2015.
The company has started introducing its new modern and clean look in their new stations.
Phoenix is expanding its logistics storage and infrastructure to support its retail network expansion. The company added two new tanker vessels and a number of road fuel tankers to serve its internal and external operations.