Petron Corp. said Monday consolidated net income doubled in the first quarter to a record P5.6 billion from P2.8 billion a year ago, on higher sales in the Philippines and Malaysia.
Petron said the first-quarter income represented the company’s highest quarterly income on record.
The company’s stock surged 7.2 percent to close at P9.65, becoming the biggest gainer among the 20 most active issues Monday.
Net income from Philippine operations jumped 69 percent to P4.1 billion, while income from Malaysian operations surged 335 percent to P1.5 billion, the company said.
Petron attributed the strong income growth to a strong focus on more profitable segments, production of higher-margin fuels and petrochemicals and aggressive market expansion.
Petron said in the Philippine retail segment, volumes grew 6 percent, while the LPG and lubricants businesses grew 5 percent and 16 percent, respectively.
Petron said it had the highest network count in the Philippines with about 2,300 service stations “• more than its next three competitors combined.
The company’s Malaysian operations also experienced a steady growth with domestic volumes growing 6 percent, fueled by a double-digit growth from the commercial and lubricants sectors.
Petron’s consolidated sales volumes hit 26.2 million barrels in the first quarter, on track for another record-breaking year.
Firs- quarter volumes translated to revenues of P106.4 billion, or 38 percent higher over the same period last year.
“We are definitely setting our sights on an even better performance this year as we derive more benefits from our strategic investments,” Petron president and chief executive Ramon Ang said.
“Demand for fuels remains strong coming from the transportation, aviation and manufacturing sectors where we are well-entrenched and poised to grow,” Ang said.
Petron Corp. said consolidated net income in 2016 jumped 73 percent to P10.8 billion from P6.3 billion in 2015, on the back of record-high sales volume.
Petron said the 2016 robust performance was driven by record sales volume, operational efficiency with increased crude run at higher product yields and effective risk management.
Combined sales from Petron’s Philippine and Malaysian operations hit a record 104.3 million barrels in 2016, up by 6 percent from 98 million barrels sold in 2015.
