Petron Corporation registered a consolidated net income of Php 7.7 billion in the first half of the year, a two-fold increase from the Php 3.87 billion recorded in the same period last year.
The oil company attributed the increase “amid recovering demand and waning pandemic concerns.”
Petron was able to sell 51.4 million barrels in its Philippine and Malaysian operations, as well as its trading unit in Singapore for the first half of the year. This is 34% more than 2021’s 38.5 million barrels.
“Sales volume improved across all trades with Petron’s commercial sales posting the highest increase as more industries, including aviation travel, rebounded from the pandemic’s impact,” Petron said in a statement.
Petron’s registered Php398.52 billion in consolidated revenue for the first half of the year driven by sustained increase in sales volume and prices as Dubai crude oil averaged $102 per barrel amid supply concerns due to “geopolitical conflicts.”
“Our post-pandemic transition has so far been marked by steady growth, particularly in segments where we suffered major setbacks earlier during this crisis. We move forward with hope and optimism as we roll out projects that will not only yield optimal returns for the company but more importantly, lead towards greater sustainability and create economic opportunities for more sectors,” Petron president and CEO Ramon Ang said.
Petron’s retail business also improved by around 30% amid the strong sales of premium gasoline and diesel fuels. Its lubricant products, Jet-A1, LPG, and petrochemicals also showed strong growth versus last year.