June 23, 2018, 10:37 am
Facebook iconTwitter iconYouTube iconGoogle+ icon

Strong sales lift oil firm’s net by 30%

Petron Corp. recorded a consolidated net income of P14.1 billion in 2017, 30 percent higher than the P10.8 billion posted in 2016, attributed to improved sales volume from its local and Malaysian operations.

Petron’s  sales revenues surged  26 percent to P434.6 billion from P343.8 billion the previous year as operating income went up 16 percent to P27.6 billion during the period.

Petron’s consolidated sales volume slightly grew to 107.8 million in 2017 from the record-breaking 2016 performance of 105.7 million barrels.  Consolidated retail volumes increased by 8 percent as the company continued to expand, breaching 3,000 service stations during the year.

Petron said sales of high-margin products such as gasoline, Jet A-1 and lubricants grew by double digits in 2017. 

It said  15 percent of its sales volume growth is brought by its lubricant products. Petron’s  petrochemicals business experienced a 9 percent volume growth.

 The company said sales would have been much higher if not for the scheduled maintenance turnarounds in both its 180,000 barrel-per-day (bpd) Bataan refinery and its 88,000 bpd Port Dickson refinery in Malaysia.  

 “We were able to capture increased fuel demand with the robust growth in the Philippine and Malaysian economies. Underpinned by large scale infrastructure projects, we see strong demand growth in both markets over the medium-term and this bodes well for our business… Even with our strong presence backed by our unmatched logistics and production capabilities, we are committed to invest more and help secure the country’s energy needs,” said Ramon Ang, Petron president and chief executive officer,  in a statement.

 Petron  ranked among the world’s top energy companies in a recent survey conducted by a global information agency,  the only Filipino oil company to make it to this prestigious list. Petron  placed 14th among downstream oil companies in  Asia Pacific.
No votes yet

Column of the Day

Unbridled brazenness

DODY LACUNA's picture
By DODY LACUNA | June 22,2018
‘Outrage over the killing of priests today in our country will persist and, if real justice is not served soon will, in all probability, combine for a growing social and political unrest with a polarized Church.’

Opinion of the Day

Tough days ahead

Jose Bayani Baylon's picture
By JOSE BAYANI BAYLON | June 22, 2018
‘It’s high stakes and tightrope walking that also means that a small miscalculation could upend everything.’