DENNIS Uy-led Phoenix Petroleum Philippines, Inc. recorded net income of P1.792 billion in 2017, up 65 percent from the P1.092 billion the independent oil company recorded in 2016.
In a disclosure on Thursday, Phoenix Petroleum attributed its income growth to higher sales volume from the addition of new stations, acquisition of new direct commercial accounts across various industries, and consolidation of its liquefied petroleum gas (LPG) business in August 2017.
Revenues touched P44.426 billion, 45 percent higher than in 2016.
Taking out the non-recurring gains and costs related to the newly acquired LPG business, it said core income climbed 39 percent to P1.422 billion.
Last August, the Davao-based oil company acquired Petronas Energy Philippines, Inc. (PEPI) and renamed it Phoenix LPG Philippines, Inc. The unit currently owns and operates the Phoenix Super LPG brand.
Phoenix said sales volume rose 17 percent to 1.76 billion liters from 1.5 billion liters in 2016 as its fuels business strengthened.
“Phoenix Petroleum’s momentum in 2017 is a result of its investments over many years in its people, products, and partnerships. We will continue to be opportunistic as we grow the business,” Phoenix Petroleum President and Chief Executive Officer Dennis Uy said.
Phoenix Petroleum is engaged in the nationwide trading and marketing of refined petroleum products, including LPG and lubricants, operation of oil depots and storage facilities, hauling and into-plane services; convenience store retailing; and trading and supply.
It earlier announced it was planning to put up its own asphalt business within the year.
“Within the year, we will be having the asphalt business in place,” Phoenix Petroleum Chief Operating Officer Henry Albert Fadullon has said.
The company also launched its upgraded fuel powered with Phoenix PULSE Technology, which is said to have advanced cleaning and protection properties for improved power and acceleration.
The oil company recently expanded into the convenience retailing business following the completion of its acquisition of Philippine FamilyMart last month.