Phoenix Petroleum books 82% higher income at P2.8 billion

MANILA, Philippines — Listed independent oil firm Phoenix Petroleum Philippines Inc. booked its strongest earnings and revenues last year on the back of record fuel sales volume.

In a statement yesterday, Phoenix Petroleum said its net income surged by 82 percent to P2.77 billion in 2018 from P1.52 billion in 2017.

The company said this was driven by record volume from new businesses and sustained strength in its core fuels business.

Revenues, on the other hand, surged by 99 percent to P88.61 billion from P44.54 billion as volume of petroleum products sold grew by 49 percent year-on-year to an all-time high of 2.75 billion liters.

This is despite a confluence of industry challenges in the fourth quarter arising from the sharp decline in benchmark crude, Phoenix Petroleum said.

“Despite industry headwinds in the fourth quarter, we worked together to deliver a strong close to 2018. We are positioning ourselves for more success in 2019 and beyond, with a focus on growth, execution, and delivering for our customers and shareholders,” Phoenix Petroleum COO Henry Albert Fadullon said.

In terms of domestic business, the company registered accelerating growth, driven by fuels and liquefied petroleum gas (LPG), which delivered a 15 percent volume increase.

Retail volume rose five percent, while 600 stations were opened nationwide as of end last year.

Meanwhile, commercial volume increased 13 percent year-on-year and continued to strengthen its position with key wins in fast growth industries such as marine, road transport, and construction.

For its LPG business, total volume surged by 23 percent year-on-year on the back of the continued expansion in Luzon and consistent strength of its Visayas-Mindanao (VisMin) business.

Luzon accounted for 10 percent of total LPG volume versus four percent pre-acquisition. VisMin, meanwhile, continued to outpace industry growth and grew volume by 14 percent.