The Petron Corp. has recorded a 30 percent increase in its net earnings for 2017 following strong sales in the country and abroad.
The company reported that its net income reached P14.1 billion in 2017 versus P10.8 billion from the previous year.
Meanwhile, its sales revenues went up by 26 percent to P434.6 billion from P343.8 billion. Its operating income also increased by 16 percent to P27.6 billion.
The strong performance for the company was due to strong sales volumes and continued focus on high-value segments in the Philippines and Malaysia.
“We were able to capture increased fuel demand with the robust growth in the Philippine and Malaysian economies. Underpinned by large-scale infrastructure projects, we see strong demand growth in both markets over the medium-term and this bodes well for our business,” Petron president and CEO Ramon Ang said.
The oil firm’s consolidated retail volumes also grew by eight percent as the company reached the 3,000 service station count in 2017.
Petron is looking to expand its logistics and retail network, both in the Philippines and Malaysia to meet more demand.
“Even with our strong presence backed by our unmatched logistics and production capabilities, we are committed to invest more and help secure the country’s energy needs,” Ang said.