Petron Corp. on Tuesday recorded an P8.2 billion consolidated net income capping the first half of 2017 strong, derived from its upgraded fuel refinery production and profitable products like automotive fuels, LPG, and lubricants.
The company posted a 56% increase from the record-breaking P5.3 billion year-on-year rendered from its profitable segments all while sustaining sales volumes.
Despite crude oil inventory losses and scheduled maintenance shutdowns, Petron delivered a sturdy performance during the period that is surged by its logistics and wide network of service stations.
“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 logistic and retail businesses,” Petron President and CEO Ramon Ang said.
The Asian oil firm derived the majority of its sales from the Philippines and Malaysia, in which oil supply peaked 52.9 million barrels, surpassing last year’s record of 52.6 million.
Petrochemical export sales also grew 78% in the same period. Early next year, the oil refinery firm will begin its $20 billion petrochemical plant project expected to produce 250,000 barrels per day.
Furthermore, Petron’s consolidated sales revenues grew by P207 million, 28% higher from P161.9 billion year-on-year. While operating income increased by 27% with P14.6 billion from P11.5 billion in 2016.
Currently, Petron has a total retail outlet of approximately 3,000 service stations in the Philippines and Malaysia.
Since 2012, the leading oil firm has rebranded and expanded its commercial reach in Malaysia with nearly 600 stations built in the area.