Leading independent oil company Phoenix Petroleum Philippines, Inc. recorded a 35 percent increase in its core income in the first six months to P610 million from P450 million in 2016.
Revenues from the core petroleum business climbed 24 percent at P18.9 billion in the same period from a year ago.
Lubricants maintained its solid growth, with volume up 18 percent year-to-date.
Also, revenues and net income gained 24 percent and 8 percent, respectively, including Chelsea Shipping Corp. and Phoenix Petroterminals and Industrial Park Corp., the two units that were divested last year and have since been deconsolidated.
“We will continue to sustain the growth momentum of our company as we expand our retail, commercial, lubricants, and LPG businesses, drive operational excellence, and acquire companies,” said Phoenix Petroleum President and Chief Executive Officer Dennis Uy.
The Davao-based company, which has finished 518 retail service stations as of the first half of the year, secured regulatory approval from the Philippine Competition Commission last August 3 to acquire Petronas Energy Philippines, Inc.
Phoenix Petroleum said the acquisition of PEPI, which is expecting to seal the deal this month, will be a strong growth and value driver for the company as it continues to expand its presence in the petroleum industry.