Phoenix Petroleum Philippines Inc. recorded a 65 percent net income increase in 2017 from P1.09 billion to P1.79 billion.
In a disclosure to the Philippine Stock Exchange, the company recorded a banner year with an all-time high in sales volume, revenues, and net income on its core business.
“Phoenix Petroleum’s momentum in 2017 is a result of its investments over many years in its people, products, and partnerships. We will continue to be opportunistic as we grow the business,” president and CEO Dennis Uy said.
The recorded net income includes the partial consolidation of the liquefied petroleum gas (LPG) business that began August last year.
Meanwhile, revenues surged 45 percent to P44.426 billion as sales increased by 17 percent from 1.5 billion liters in 2016 to P1.76 billion liters.
By end-2017, the company has completed 530 Phoenix retail service stations nationwide.
The rise in volume sales came from the addition of new stations, acquisition of new direct commercial accounts from various industries, as well as the consolidation of the LPG business, the company said.
The oil firm has also invested in new revenue and profit streams – paving its way into the higher margin business of LPG through acquiring the Petronas Energy Philippines Inc., now Phoenix LPG Philippines Inc., and Japanese convenience retailing brand Family Mart.
“LPG and convenience stores (CVS) are underpenetrated markets with tremendous domestic growth potential as they benefit from consumers’ growing purchasing power and evolving lifestyle,” the company said.
Phoenix Petroleum also created PNX Petroleum Singapore Ltd. Pte., the Phoenix Group’s petroleum trading entity which is seen to enhance the petroleum importation efficiencies of the Phoenix group’s import flows and provide access to fast-growing markets in Southeast Asia.