LISTED Phoenix Petroleum Philippines Inc. said its petroleum sales in the first half jumped 25 percent by volume compared to the same period in 2014.
In a disclosure to the Philippine Stock Exchange (PSE), Phoenix Petroleum said this resulted in a consolidated net income of P425 million for the first half of 2015, an increase of 5.82 percent against last year’s performance.
The leading independent oil firm attributed the growth in sales volume to higher sales of its retail stations and the increase in commercial, industrial, and aviation sales.
It said retail station sales rose 31 percent while its commercial, industrial, and aviation sales grew by 29 percent.
The company said this was a direct result of its strategy to focus expansion in the retail station network and increase same-store sales by 12 percent.
The Phoenix retail station network grew from 418 stations at the end of 2014 to 443 stations as of June 30, 2015. Of these, 223 are based in Mindanao, 61 in the Visayas, and 158 are in Luzon.
At least three million vehicles visit the Phoenix retail network monthly, the oil player said.
At the same time, despite a decline in the wholesale/distributor sales segment, total sales to commercial accounts — primarily to the shipping, fishing, mining, power and transportation sectors — registered continuous growth during the year.
“The company continues to expand its logistics, storage, and infrastructure to support both its network expansion and its commercial and industrial clients,” Phoenix Petroleum said.
Phoenix Petroleum is engaged in the business of trading refined petroleum products and lubricants, operation of oil depots and storage facilities, shipping/logistics, and allied services.