INDEPENDENT oil company Phoenix Petroleum Philippines Inc. posted a consolidated net income of P230 million for the first quarter of 2015, up 9 percent from a year ago.
In a disclosure to the Philippine Stock Exchange (PSE) on Monday, Phoenix attributed the higher earnings to a 20 percent increase in sales volume of petroleum products during the first quarter.
It said the higher sales volume, in turn, came primarily from a 33 percent increase in retail station sales and same-store sales.
As a result of its strategy to expand its retail station network and same-store sales, the number of Phoenix stations had risen to 435 as of March 31 from 418 stations at the end of 2014. Of these, 222 are based in Mindanao, 61 are in the Visayas and 152 are in Luzon.
“At the same time, sales to commercial accounts, primarily to the shipping, fishing, mining, power and transportation sectors, registered continuous growth during the year,” Phoenix Petroleum said.
Despite the decline in volume sales in its wholesale/distributor segment, the company still posted overall volume growth.
Phoenix Petroleum supplies about 50 percent of Cebu Pacific’s jet fuel requirements and handles all their logistics needs in Mindanao and many parts of the Visayas.
The company continues to expand its logistics, storage, and infrastructure to support both its network expansion and its commercial and industrial clients.
Its non-fuel related business (NFRB) continues to expand with more locators added to its various retail station sites, including Mindanao.
Phoenix said it has been growing this segment through more stations with bigger areas added in the system, to cater to the growing demand for NFRB and other businesses in each station, capitalizing on the Phoenix brand and good location.
Phoenix Petroleum claims to be the number one independent and fastest growing oil company in the country today. It is engaged in the business of trading refined petroleum products and lubricants, operation of oil depots and storage facilities, shipping/logistics, and allied services.