MANILA, Philippines – The largest petroleum refiner in the Philippines, Petron Corporation, published a thirty percent hike in its net income during 2017. This was accumulated through the strong sales locally and internationally.
The net income of Petron Corp. reached 14.1 billion pesos last year, which is higher compared to the accumulated net profit of 10.8 billion pesos during the previous year.
Total sales revenue grew twenty-six percent to 434.6 billion pesos last year from 343.8 billion pesos. At the same time, operating income rose by sixteen percent to 27.6 billion pesos.
Petron accredited the strong performance to the volume of robust sales and ongoing focus on important segments of its operations in the Philippines as well as in Malaysia.
Ramon Ang, President and Chief Executive Officer of Petron, said that the company was able to reproduce demand for fuel accompanied by the strong growth in the economies of the Philippines and Malaysia. With the support coming from massive infrastructure projects, Ang said that they perceive strong demand development within both markets throughout the midyear. He further reiterated this is a good omen for the company.
Petron Corporation breached its record of sales from 105.7 million number of barrels during 2016 to 107.8 million after the volume of its sales increased last year.
The company’s combined volume of retail also increased eight percent when Petron continued to broaden within the competitive part, hitting the 3000 count of service stations during the year.
Sales accumulated from high-profit margin products like gasoline, lubricants, and Jet A-1 increased largely in 2017. Specifically, Petron commenced the first and sole Euro 6 fuel, Blaze 100 Euro 6, in the local market just last year.
In the meantime, lubricants like Blaze Racing aided with the growth of the business by fifteen percent.
Both of the mentioned products were set to an optimum test while the official engine oil and fuel in the Formula 4 Southeast Asia Championships occurred in the Philippines, Malaysia, and Thailand.
Petron mentioned, however, that sales could have been a lot higher if it were not for the scheduled turnaround maintenance in its 180,000 number of barrels for each day for the Bataan refinery, and 88,000 barrels each day for the Port Dickson refinery in Malaysia.
Supplementing to the favorable performance was the healthy margins and further profit delivered by petrochemicals such as propylene, which increased in volume by nine percent.
In the future, the oil company is planning to widen its retail and logistics network in the two countries to cater to more demands.
Petron Corporation was listed among the top companies of energy in the world, according to a current survey overseen by an international information office. It is the only oil company from the Philippines that was indexed to this leading list. Petron was ranked fourteenth among oil companies of petroleum in the region of Asia-Pacific.