Phoenix Petroleum Philippines Inc., one of the largest independent oil players in the country, saw its 2013 full-year revenue growing to P43.5 billion after its fuel sales volume grew during the year.
A disclosure to the Philippine Stock Exchange (PSE) on Thursday showed that Phoenix Petroleum posted a 26-percent growth in its revenue from P34.6 billion in 2012 to P43.5 billion in 2013.
This, according to the company, was the result of the increase in its fuel sales volume by 28 percent year-on-year.
The growth comes from the expansion of the company’s retail network, and increase in sales from its retail and commercial/industrial, including government accounts.
Phoenix Petroleum has 368 retail stations as of December 2013, of which 209 are in Mindanao, 47 in Visayas and 112 in Luzon.
The company did not disclose its net income yet, since its financial report is still not available.
After capping the first half of 2013 with a huge profit increase, the company only saw a single-digit improvement in its nine-month income last year.
Phoenix Petroleum earlier reported a 5-percent increase in its net income during the first nine month of 2013, earning P541.3 million from the P515.7 million it recorded in the same period the year before.
Also, the oil firm reported that its consolidated revenue year-to-date in September 2013 increased to P31.7 billion, or 27 percent higher than the P24.9-billion revenue recorded in the first three quarters of 2012.