LEADING oil company Petron Corp. (Petron) reported on Monday a consolidated net income of P5.6 billion in the first three months of 2017, the highest quarterly income in its history and double the previous year’s first-quarter earnings of P2.8 billion.
Petron said net income from Philippine operations grew 69 percent to P4.1 billion and accounted for 74 percent of consolidated figures, while income from its Malaysian operations surged 335 percent to P1.5 billion.
In a disclosure to the Philippine Stock Exchange (PSE), the company said that the exceptional performance in both markets was due to its strong focus on more profitable segments, production of higher-margin fuels and petrochemicals, and aggressive market expansion.
“We are definitely setting our sights on an even better performance this year as we derive more benefits from our strategic investments. Demand for fuels remains strong coming from the transportation, aviation, and manufacturing sectors where we are well-entrenched and poised to grow,” Petron President and CEO Ramon S. Ang said.
In the Philippine retail segment, Petron’s volumes grew by another 6 percent, while its LPG and lubricants businesses grew by 5 and 16 percent, respectively.
Currently, Petron has the highest network count with about 2,300 service stations —more than its next three competitors combined.
Petrochemical export volumes more than doubled over the period, while fuel export were reduced as more volumes were sold locally as part of the company’s strategy to optimize margins.
Petron said in its Malaysian operations, domestic volumes grew by another 6 percent, fueled by double-digit growth from the commercial and lubricants sectors.
Overall, Petron’s consolidated sales volumes grew to 26.2 million barrels, First quarter volumes translated to revenues of P106.4 billion, 38 percent higher over the same period last year. Operating income improved by 54 percent to P8.9 billion.
Petron recently delivered the most advanced gasoline in the country, the Blaze 100 Euro 6, which meets the most stringent technology and emission standards in the world (Euro 6b) and guarantees better performance, more mileage, cleaner engines, and lower maintenance costs.
Last year, Petron launched a full range of locally-produced Euro 5 fuels.
“Since our fuels are locally produced and formulated in our refinery, we can guarantee the quality and consistency of Petron fuels. We will continue to innovate and lead in fuels technology so we can put more savings in our customers’ pockets while improving air quality across the nation,” Ang said.