Phoenix Petroleum earns 65% more in Q1
MANILA, Philippines — Listed independent oil firm Phoenix Petroleum Philippines Inc. reported a 65 percent jump in net profit to P464.75 million in the first quarter on record revenues.
It posted strong growth despite the increase in finance costs related to new business acquisitions and aggressive network expansion, and the increase in cost of sales resulting from higher oil prices.
Revenues reached an all-time quarterly high of P18.08 billion, up 107 percent year-on-year.
Phoenix said the increase was driven by the 66 percent growth in total fuel volume sold, with major contributions from the company’s new business segments – regional trading and supply arm PNX Petroleum Singapore Pte. Ltd. and Phoenix LPG Philippines Inc.
Last year, Phoenix Petroleum acquired the local LPG business of Malaysia’s Petronas, and established the Singapore trading office.
Sales of liquefied petroleum gas (LPG) accelerated growth as volume increased by 11 percent.
On the other hand, the traditional fuels business continued to show strong organic growth as Phoenix Petroleum opened more retail stations and secured deals to supply to key accounts in the power, manufacturing, shipping, transportation, construction, and other industries.
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