Petron Q1 income doubles to P5.6 billion

Petron Q1 income doubles to P5.6 billion

Petron Corp. has recorded P5.6 billion net income for the first quarter of the year on the back of profitable segments and network expansions in the Philippines and abroad.

Net income grew from P2.8 billion to P5.6 billion from January to March.

The net income from the company’s local operations made up 74 percent of the total earnings with a 69 percent growth to P4.1 billion. Its income from its Malaysian operations also saw a 335 percent increase to P1.5 billion.

“We are definitely setting our sights on an even better performance this year as we derive more benefits from our strategic investments. Demand for fuels remains strong coming from the transportation, aviation, and manufacturing sectors where we are well-entrenched and poised to grow,” Petron president and CEO Ramon Ang said.

“Petron’s exceptional performance in both markets is mainly due to its strong focus on more profitable segments, production of higher-margin fuels and petrochemicals, and aggressive market expansion,” the firm’s filing said.

Consolidated sales volumes increased to 26.2 million barrels with a revenue of P106.4 billion, and operating income grew 54 percent to P8.9 billion.

Petron’s retail volume increased by six percent, while its liquefied petroleum gas business grew by five percent and its lubricants business grew 16 percent.

The company’s petrochemical export volumes increased by more than half over this period, which gave way for Petron to capture better margins from benzene, mixed xylene, propylene and toluene.

The oil firm also has the highest network count with 2, 300 service stations in terms of retail network.

“Since our fuels are locally-produced and formulated in our refinery, we can guarantee the quality and consistency of Petron fuels. We will continue to innovate and lead in fuels technology so we can put more savings in our customers’ pockets while improving air quality across the nation,” Ang said.