Phoenix Petroleum core income up 35% in H1

MANILA, Philippines -  Phoenix Petroleum Philippines Inc.’s core income grew 35 percent to P610 million in the first half from P450 million a year ago due to strong petroleum sales.

Revenue from the core petroleum business also grew 24 percent to P18.9 billion from a year ago.

As of end-June, the company completed 518 Phoenix retail service stations. Its lubricant sales maintained its solid growth with volume up 18 percent year-to-date.

Meanwhile, commercial also continued to deliver new direct accounts, at the same time expand its market share within existing accounts, with notable wins in power, marine transport, and road transport, among others.

“We will continue to sustain the growth momentum of our company as we expand our retail, commercial, lubricants, and LPG businesses, drive operational excellence, and acquire companies,” Phoenix Petroleum president and CEO Dennis Uy said.

Last May, Phoenix Petroleum announced plans to acquire Petronas Energy Philippines Inc. (PEPI), which holds the Petronas liquefied petroleum gas (LPG) brand in the Philippines, for $126.1 million or P6.27 billion, marking its foray into the LPG market.

Phoenix Petroleum secured approval from the Philippine Competition Commission on Aug. 3 and is expecting to close the transaction in the same month.

The company said the acquisition of PEPI will be a strong growth and value driver as it continues to expand its presence in the petroleum industry.