DAVAO-BASED independent oil company Phoenix Petroleum Philippines, Inc. (Phoenix Petroleum) said it capped a banner year with a total of 505 stations in operation as of the end of 2016 and sales at an all-time high of 1.5 billion liters for the full year.
From its first five stations in 2005, Phoenix now operates 505 stations all over the Philippines.
In a disclosure in Philippine Stock Exchange (PSE) on Wednesday, Phoenix Petroleum said sales volume hit a record high of 1.5 billion liters, putting it on track to be the Philippines’ third largest oil company in market share by the end of 2017.
“Sales volume grew 25 percent year-on-year on the back of higher retail sales (from new stations built and higher same store sales) and higher sales to corporate direct accounts,” the oil company said.
From its beginnings in Davao in 2005, Phoenix Petroleum became the number one independent player in 2012. Volume sales have been growing at a compound annual growth rate (CAGR) of 17 percent since 2011, outpacing industry growth of 9 percent.
Last November, the oil company sold its non-core shipping and industrial park businesses to the Udenna Group, the effective parent and majority stockholder of Phoenix Petroleum, for net proceeds of P3 billion.
Proceeds of the sale were used to pay down debt. The sale also allowed the oil company to focus its resources on expanding its core petroleum business and to fund possible acquisitions.
“The robust domestic economy combined with the company’s strong growth momentum makes the company attractive for possible strategic investors that will push the company to even greater heights,” Phoenix Petroleum said.
Phoenix Petroleum is engaged in the business of trading refined petroleum products and lubricants, operation of oil depots and storage facilities, as well as hauling and into-plane services.