Oil refiner Petron Corp. said consolidated net income grew 4 percent in the first three months to P5.8 billion from P5.6 billion in the same period last year.
Petron said the amount was also the highest quarterly income of the company in history.
“Our financial and operating performance in the first quarter of 2018 is a strong indication that we are on track for another unprecedented year,” Petron president Ramon Ang said.
Petron’s consolidated revenues increased 21 percent in the first quarter to P129 billion from P106 billion a year ago.
“While we are focused on high-margin segments such as retail, we are also fast-tracking our logistics projects to further integrate our value chain, reflecting increased demand for Petron’s superior products,” Ang said.
The company said stable and improved operating efficiencies at its Bataan refinery significantly contributed to the positive performance in the first quarter.
Petron also sustained strong sales with combined volumes of 26.6 million barrels despite higher international oil prices and softer demand.
The company said the strong volumes during the period was driven by a 5-percent increase in consolidated domestic sales equivalent to over one million barrels, or at par with last year’s volumes which reached all-time highs.
The benchmark Dubai crude in the first quarter surged 20 percent to nearly $64 per barrel compared to the same period in 2017.
Petron’s 180,000 barrel-per-day Bataan refinery hit its highest ever utilization rate at 99 percent or near full capacity during the period.
“This year promises to be a challenging one but with our ability to quickly deal and adapt to trends and changes, we will remain the market leader, secure better results, and continue to be a great company to work in and to own,” Ang said.
Petron recently completed two service stations at the end of the South Luzon Expressway and the company now has 2,400 stations in the Philippines, more than its three next competitors combined.
Petron’s research and development team also enhanced the formulation of its premium turbo diesel to unleash the full power and optimum performance of the most advanced and sophisticated diesel engines.
The company introduced Blaze 100 Euro 6 last year, the best gasoline in the country which meets the world’s most advanced environmental and performance standards.
Petron said it continued to be the leading innovator in introducing fuels that guarantee better mileage, better performance and better engine protection.