Dennis Uy-led Phoenix Petroleum posted a Php132 million net income in the second quarter of the year, a turnaround from the Php5 million net loss posted in the same period last year.
The country’s third largest oil firm attributed the recovery to the “all-time-high” quarter volume while maintaining prudence in managing its operational expenditures and capital expenditures (capex).
Phoenix also reported a 36% increase in sales volume from Php1.1 billion to Ph1.5 billion year-on-year, driving the revenues to increase by 170% from Php14.7 billion to Php39.7 billion.
On a quarterly basis, the firm’s net income climbed by 9% from the Php121.3 million net income it posted previously. Revenues rose by 38%, while overall volume grew by 32% as the growth in domestic fuel and liquefied petroleum gas business strengthened. Domestic volume rose likewise by 27% quarter-on-quarter.
Phoenix has 680 gas stations as of June 30. Its market share recently increased to 7.81% from 7.1% at the end of 2020, based on data from the Department of Energy.
The firm said its commercial and other B2B (business-to-business) segments strengthened from the prior quarter as some industries, such as manufacturing and trading, drove the momentum.
“Our [second quarter] performance shows that our domestic growth is accelerating and we are solidifying our market positions as evidenced by the recent market share expansion. Despite challenges, we are able to continue to expand our network via a capex-light model, win new B2B accounts, and keep our costs in line,” Phoenix President Henry Fadullon said in a statement.
Davao City-based Phoenix recently pledged to give Php5 million and lifetime free gas to Hidilyn Diaz after bagging the country’s first-ever Olympic gold medal and another Php3 million to Davao Del Sur native Nesthy Petecio for winning the silver.