Due to the increase in the sales of jet fuel and liquefied petroleum gas (LPG), Petron Corporation saw an increase in profit to Php 10.1 billion in 2023.
Manila Bulletin reported that the company saw a growth in its consolidated net income for January to December 2023, amounting to Php 10.1 billion, which was a 51% growth, compared to Php 6.7 billion in 2022.
Additionally, operating income rose by 60%, to Php 30.7 billion from Php 19.2 billion.
Furthermore, the oil firm highlighted a 13% surge in sales from both local and international markets, reaching 126.9 million barrels in 2023, compared to 112.8 million barrels in the previous year.
Additionally, in the Philippine market alone, sales reached 79.5 million barrels, a significant increase from 68.5 million barrels in 2022. This growth was attributed to a 50% rise in jet fuel sales, securing approximately 80% of the market, and a 26% increase in LPG sales.
However, despite a 24.5% market share growth in the first half of 2023, the company saw a 7% drop in revenues to Php 801 billion from the previous year’s Php 857.6 billion. This was due to a 15% decrease in Dubai crude prices, averaging $82 per barrel compared to $96 per barrel in 2022.
In other developments, Petron emerged as the top performer in the government’s fuel-marking approach, marking a total of 17.83 billion liters of fuel from September 2019 to October last year.
This program aimed to combat petroleum product smuggling by injecting chemical identifiers into tax-paid oil products.
