Phoenix Petroleum profit rises 33% in H1

MANILA, Philippines – Hefty sales fueled Phoenix Petroleum Philippines Inc.’s net profit to rise 33 percent during the first half of the year compared to the same period in 2015. The company did not provide actual income figures.

Phoenix attributed the positive growth to the 46 percent jump in fuel sales volume, which is a “direct result of its strategy to focus expansion in the retail station network.”

“The growth in fuels sales volume was driven by a 26 percent growth in its retail station sales and a 59 percent growth in commercial, industrial, and aviation segment sales,” the firm said.

From 454 stations at end-2015, Phoenix’s retail station grew to 489 stations nationwide as of June 30.

Meanwhile, the company said sales to commercial accounts—primarily to the aviation, power, shipping, fishing, mining, and transportation sectors—registered continuous growth during the year.

To further support its retail network expansion and its commercial and industrial clients, Phoenix said it continues to expand its logistics (shipping and land transport), storage and infrastructure.

“Two new tanker vessels and a number of road fuel tankers were added to the fleet during the first half of the year to serve both internal and external requirements,” it said.

Its non-fuel related business (NFRB), on the other hand, complements the growth of the retail segment by adding more locators to various retail station sites.

“The company has been growing this segment as it builds bigger stations with ample spaces that can accommodate the growing needs of NFRB by capitalizing on the company’s brand and the stations’ good location,” it said.