PETRON Corp., the country’s largest oil refining and marketing company, has doubled its consolidated net income in the first three quarters of 2015.
According to Petron, the consolidated net income for the period was at P5.1 billion, a 58-percent increase from P3.2 billion a year earlier.
The increase, Petron said, was mainly driven by a surge in sales volume and a more stable pricing environment.
Its combined sales volumes for the Philippines and Malaysia grew by 14 percent in the first nine months of the year, reaching 73.6 million barrels compared with 64.6 million barrels in 2014.
In the Philippines, total sales volume surged by 22 percent to 46.6 million barrels from 38.3 million barrels in the same comparable period.
In the highly competitive retail market, Petron continued to gain from its station expansion program as shown by the 12 percent increase in volume for the period, the company claimed.
Petron reported a 21-percent growth in liquefied petroleum gas (LPG) sales, mainly fueled by Petron Gasul.
Petron Malaysia sustained volume growth in industrial products and lubes, which grew by 26 percent and 8 percent respectively.
Its revenue reached P278.3 billion in January to September or 27 percent lower on-year due to lower oil prices.
Its operating income, however, nearly doubled to P13.7 billion from P7.1 billion.
Petron’s sales performance in its home market was supported by a $2-billion refinery upgrade or the Refinery Master Plan -2 (RMP-2).
Confirming an earlier report, the company said the project is on track to full commercial operation by early 2016.
Production has been ramping up and in several test runs and utilization has hit 95 percent of rated capacity.
Petron’s Bataan refinery is the largest and most advanced in the country with a capacity of 180,000 barrels-per-day (bpd).
Prior to the upgrade, its refinery was running at an average of 100,000 bpd.
Petron recently marked an industry first when it started locally producing a full range of premium fuels that meet the cleaner and more efficient Euro 4 global standard.
The company started producing Euro 4 gasoline variants in June followed by Euro 4 diesel early this month.
Petron Malaysia also started to produce Euro 4M gasoline or Blaze 97 in September.