Oil company Petron Corporation recorded a 73 percent rise in net profits in 2016 that were fueled by record high sales.
Petron said that its net income went up to P10.8 billion last year from 2015’s P6.3 billion.
This was due to the strong performance of record sales volume, operational efficiency with increased crude run at higher product yields, and effective risk management.
“We exceeded expectations in 2016 and are well-poised to sustain our growth momentum this year with our continued focus on profitable market leadership, optimal product yields from our refinery, and further synergies internally and with other San Miguel companies,” Petron president and CEO Ramon Ang said.
The company’s combined sales from the oil firm’s local and overseas operations reached 104.3 million barrels. A six percent increase from the previous year’s 98 million barrels.
The Domestic Volume grew 10 percent to 48.2 million barrels as the oil firm marked its first year of commercial operations of the $2 billion refinery upgrade that enabled the production of more high-margin fuels and petrochemicals and brought down costs.
Petron’s retail network expansion program also increased production from its refinery to over 2,300 service stations nationwide.
Solid growth in sales was also recorded across the reseller, industrial, LPG and lubricant segments, with nearly all sectors having a double – digit growth.
In Malaysia, Petron’s sales volume grew eight percent fueled by strong sales in both retail and commercial sectors.
