Oil refiner and distributor Petron Corp. said Tuesday consolidated net income rose 3 percent in the first nine months to P12.1 billion from P11.8 billion it booked in the same period last year despite the industry-wide decline in fuel demand amid high pump prices.
“Despite a challenging environment that brought pump prices to new highs and resulted in weaker demand, Petron continued to thrive and delivered above expectations,” Petron chairman Eduardo Cojuangco Jr. said in a statement.
Petron attributed the modest growth to the robust performance of its Malaysian operations, sustained volumes growth in its home country and contributions from its petrochemical business.
Total consolidated volumes in Malaysia and the Philippines reached another record with combined sales of 81.4 million barrels for the nine-month period, up 1.2 million barrels from last year.
Petron Malaysia continued to gain ground fueled by a 10-percent jump in retail sales, backed by innovative and premium product offerings such as Blaze 100 and Turbo Diesel Euro 5, substantial membership increase in loyalty card program P-Miles and the increase in its retail network now numbering 630 stations.
Philippine volumes slightly increased 1 percent to 47.2 million barrels in the first three quarters despite high local pump prices.
Petron’s 180,000-barrel-per-day refinery in Bataan continued to run at 95 percent capacity over the period to support local sales and produce high-value petrochemicals.
Petrochemical volumes went up 3 percent while polypropylene sales surged 20 percent.
Combined revenues from the Philippine and Malaysia grew 34 percent to P419.9 billion in January to September from P313.5 billion a year ago, reflecting higher international oil prices and the increase in volumes.
Average price of Dubai crude increased 25 percent from December 2017 to average $77.25 per barrel in September.
Petron’s operating income for the first nine months slightly went up by 2 percent to P22.3 billion.
“We remain the undisputed industry leader and will continue to pursue our long-term strategies namely optimizing our regional refining assets, increasing our market share in the Philippines and Malaysia, and the roll-out of new products for our customers,” Petron president and chief operating officer Ramon Ang said.
The company recently introduced its top-of-the-line lubricants providing unparalleled engine protection against extreme operating temperatures.
Petron’s high temperature protection uses polyalphaolefin base oil and is suited for heavy traffic, stop and go conditions and heavy loads. Petron HTP is the latest addition to Petron’s portfolio of world-class products, such as the Petron Blaze 100 Euro 6.
Petron operates over 3,000 service stations where it retails world-class gasoline and diesel.