Petron Corporation recorded a P 7.4 billion net income for three quarters in 2016 due to strong sales and improved efficiency in its refinery.

The company’s net earnings for nine months grew 47% from last year’s P 5.1 billion same period.

The country’s largest oil refiner attributed this increase “to strong demand and improved production efficiencies” with the $2 billion refinery upgrade at the start of the year.

“We are confident that we can substantially increase our profits in 2016 compared to last year as demand for fuels remains strong. Strong demand combined with strategic programs we have successfully executed means a higher growth trend for Petron over the long-term,” Petron president and CEO Ramon Ang said.

Consolidated sales volume went up six percent to 78.2 million barrels for the period versus 73.6 million sold last year with the substantial growth across all major business segments; reseller, industrial, liquefied petroleum gas (LPG), and lubricants.

Meanwhile, domestic sales grew by 10 percent to 36.4 million with increased industrial diesel sales, retail gasoline volumes, high demand from aviation companies, and growing LPG consumption from households.

In the previous year, Petron’s net income amounted to P6.3 billion.