INDEPENDENT oil company Phoenix Petroleum Philippines, Inc.’s net income in the first nine months of the year increased 59 percent to P1.437 billion, boosted by income from its newly acquired liquefied petroleum gas (LPG) business.
Excluding the non-recurring gains and expenses related to the acquisition, core income hit P1.081 billion, up 9 percent year-on-year, the company told the stock exchange.
Phoenix Petroleum’s newly-acquired entities include Phoenix LPG Philippines Inc. (formerly Petronas Energy Philippines Inc. (PEPI), Duta, Inc., and Kaparangan Inc.
Total revenues touched P32.27 billion in the nine-month period, 48 percent higher than P22.01 billion recorded last year, on the back of a 19 percent increase in total volume sold compared to last year, inclusive of the newly purchased LPG business.
Revenues from trading and distribution of petroleum products surged 52 percent to P32.27 billion from last year’s P21.18, of which P2.25 billion was from the LPG business.
Revenues from the core petroleum business during the period were up 37 percent at P32.6 billion on the back of robust volume growth in retail, lubricants, and LPG, with the third quarter particularly strong, it said.
Phoenix Petroleum said it completed 523 Phoenix retail service stations as of the first nine months of the year. “It also continued to acquire new commercial direct accounts, while expanding its market share within existing accounts, including power, shipping, logistics, transportation, and manufacturing, among others,” it said.
“Phoenix Petroleum’s strong performance in the third quarter shows our commitment to growing the business through customer focus, operational excellence, and acquisition of complementary businesses,” Phoenix Petroleum President and Chief Executive Officer Dennis Uy said.
The Davao-based company announced last month the potential acquisition of Philippine FamilyMart, which holds the area franchise for FamilyMart convenience stores in the country. The deal is still subject to the approval of the Philippine Competition Commission (PCC).
Phoenix Petroleum is engaged in the trading and marketing of refined petroleum products, including LPG, and lubricants, the operation of oil depots and storage facilities, hauling and into-plane services.