Listed independent oil firm Phoenix Petroleum Philippines Inc. registered a significant first-half performance amid its on-going expansion program.
In a disclosure to the Philippine Stock Exchange, Phoenix Petroleum reported that its net profit grew 39.7 percent to P372.3 million from the P266.4 it earned in the same period last year. Also, the oil company’s revenue for the period increased to P21.8 billion, or 28 percent higher than the P17 billion the company recorded in the same period of 2012.
The growth in its financial performance, according to the firm, was brought about by the 41-percent increase the company saw in its fuel sales volume during the year.
Phoenix Petroleum said that the surge in fuel sales volume during the first half of the year was driven primarily by its expanding retail station network.
At the same time, sales to commercial accounts, primarily to the fishing, mining, power and transportation sectors, registered a continuous significant growth during the year, the firm added.
To further increase its retail station visits and drop-in rate, Phoenix Petroleum said that it will continue to roll out stations with locator spaces. After ending 2012 with 300 stations, the company’s network reached 343 stations as of June 30, 2013. Of these 343 stations, 203 are based in Mindanao, 41 in the Visayas and 99 in Luzon.
In March, Phoenix Petroleum raised P1.2 billion through a share placement. “Phoenix intends to use the fresh subscription proceeds to repay some of its debt obligations taken out to fund its expansion in the number of retail gas filling stations,” the company said earlier.