Oil refiner Petron Corp. said Tuesday consolidated net income surged 58 percent in the first nine months to P5.1 billion from P3.2 billion, on higher sales this year.
Petron said in a statement the net income was driven by the surge in sales volumes and more stable pricing.
“We are definitely on track to deliver stronger results in 2015 amid a challenging business environment. Key investments specifically in our refining and retail businesses have given us an edge over our competition,” Petron president and chief executive Ramon Ang said.
Combined sales volumes for Philippines and Malaysia grew 14 percent in the first nine months to 73.6 million barrels from 64.6 million barrels a year ago, despite the lower oil prices.
Petron said it continued to gain from station expansion program as shown by the 12-percent increase in volume for the period.
The company also reported a 21-percent growth in LPG sales as its Petron Gasul brand remained the most preferred in the market.
Petron Malaysia sustained volume growth in key segments such as industrial and lubes, which grew 26 percent and 8 percent, respectively.
Revenues, however, fell 27 percent in the first three quarters to P278.3 billion because of lower oil prices.
Operating income, meanwhile, nearly doubled to P13.7 billion this year from P7.1 billion in 2014.
Petron’s sales performance in its home market was supported by its $2-billion refinery upgrade called the Refinery Master Plan 2.
The company said the refinery project was on track for full commercial operation by early 2016.
Production has been ramping up and in several test runs, with utilization hitting 95 percent of rated capacity.
Petron’s Bataan refinery is the largest and most advanced in the country with a capacity of 180,000 barrels per day. Prior to the upgrade, its refinery was running at an average of only 100,000 bpd.
Petron recently marked an industry first when it started locally producing a full range of premium fuels that meet the cleaner and more efficient Euro 4 global standard.
The company started producing Euro 4 gasoline variants in June followed by Euro 4 diesel early this month.
Petron Malaysia also started to produce Euro 4M gasoline (Blaze 97) in September.
“The roll-out of more efficient and environment-friendly fuels in the region affirms our commitment to introduce fuels relevant to consumers while reducing our environmental footprint,” Ang said.
