LISTED Phoenix Petroleum Philippines, Inc. is keen on expanding its portfolio beyond its fuel business, a top company executive said.
Phoenix Petroleum Chief Operating Officer Henry Albert Fadullon told reporters on Wednesday the oil company sees an opportunity to broaden their portfolio not just in the liquefied petroleum gas (LPG) business but also in many other facets of their enterprise.
Fadullon did not elaborate on their planned expansion other than saying their intention is to provide more offerings to their customers and that convenience is the current trend.
The Davao-based company, which has 518 retail stations as of the first half of the year, posted a 35 percent increase in core income in the first six months to P610 million.
Phoenix Petroleum President and Chief Executive Officer Dennis Uy earlier said they would continue “to expand our retail, commercial, lubricants, and LPG businesses, drive operational excellence, and acquire companies.”
In August, the oil firm secured regulatory approval from the Philippine Competition Commission to acquire Petronas Energy Philippines, Inc. (PEPI). Phoenix bought the entire equity interest of PDB (Netherlands) B.V. in Petronas Energy and in Duta, Inc., which holds various parcels of land used in relation to PEPI’s operations.
Incorporated in 2002, Phoenix Petroleum sells refined petroleum products on a wholesale and retail basis and operates gas stations, oil depots, storage facilities and allied services.
Shares of Phoenix Petroleum closed on Wednesday at P13.04 apiece.