DAVAO-BASED independent oil company Phoenix Petroleum Philippines, Inc. said net income in the first quarter of this year rose 11 percent to P282 million from P255 million recorded in the same period last year driven by a better sales mix and higher efficiencies.
In a disclosure to the local bourse, Phoenix Petroleum said revenues grew 35 percent to P8.7 billion in the first three months led by a 39 percent increase in fuel sales.
The company said it has completed 515 retail service stations as of the first quarter, with more Phoenix stations under construction and set to be opened later this year.
Phoenix said it continues to acquire new direct accounts to grow its commercial business portfolio, which include power, transport, construction, aviation, and manufacturing sectors.
“Phoenix Petroleum is poised for stronger performance this year as we introduce new products and services and expand our reach,” Phoenix Petroleum President and CEO Dennis Uy said.
“Our customers and business partners can look forward to more innovations from us as we aim to be their indispensable partner in their business and in their journeys,” he added.
The company is also expanding its supply chain assets, with new depots in Cebu and General Santos expected to be completed during the year. Further expansion is also eyed for its Calaca, Batangas terminal.
Phoenix Petroleum is engaged in the nationwide trading and marketing of refined petroleum products and lubricants, operation of oil depots and storage facilities, hauling and into-plane services.