Phoenix Petroleum 2018 net income jumped 82%

MANILA, Philippines — Phoenix Petroleum Philippines Inc. grew its net income by 82 percent in 2018, driven by volume from new ventures and sustained strength in its core fuels business.

In a disclosure to the stock exchange Tuesday, the company led by businessman Dennis Uy said its net income reached a “record” P2.77 billion in 2018.

Broken down, Phoenix Petroleum said revenues grew 99 percent to P88.61 billion as volume of petroleum products sold grew by 49 percent year-on-year to an “all-time high” of 2.75 billion liters despite a decline in benchmark crude seen last year.

Retail volume grew 5 percent from last year, the company said, adding that 600 stations were opened in 2018. Trading operations at PNX Petroleum Singapore, which contributed 758 million liters of volume sold to third parties, also drove the company’s earnings.

“Despite industry headwinds in the fourth quarter, we worked together to deliver a strong close to 2018,” Phoenix Petroleum Chief Operating Officer Henry Albert Fadullon said.

“We are positioning ourselves for more success in 2019 and beyond, with a focus on growth, execution and delivering for our customers and shareholders,” Fadullon added.

According to the company, its convenience store retailing business through Philippine FamilyMart “delivered significant efficiency improvements for customers,” with average daily sales increasing 8 percent year-on-year.

Shares in Phoenix Petroleum were up 2.39 percent in morning trade Tuesday. — Ian Nicolas Cigaral