Oil refiner and distributor Petron Corp. said Tuesday net income grew 16 percent in the first half to P9.5 billion from P8.2 billion a year ago on higher sales of its Malaysian and Philippine operations.
Petron said consolidated revenues jumped 32 percent in the six-month period to P273.5 billion from P207 billion in the same period last year.
“We intend to fortify our leadership position as we ride on the continued economic growth of the Philippine and Malaysian markets. We continue to integrate our value chain, build up our supply and logistics capabilities, and roll-out more service stations than our competitors,” Petron president and chief executive Ramon Ang said in a statement.
Petron attributed the higher revenues to the sustained sales volumes of its Philippine and Malaysian operations and increased prices of crude oil and finished products.
Consolidated sales volumes rose to 54.4 million barrels, while the benchmark Dubai crude oil averaged $68 per barrel in the first six months, up 32 percent from a year earlier.
“We are well-positioned to fuel the government’s infrastructure program,” Ang said.
Petron said sales volumes in its Philippine operations increased 14 percent as the company continued its focus on other high-margin products.
Gasoline and aviation fuel increased 8 percent and 4 percent, respectively.
Petron Malaysia reported a 7-percent growth in sales volumes.
Meanwhile, Petron said its board approved the public offer and issuance of up to P20 billion worth of peso-denominated fixed-rate retail bonds.
The company appointed BDO Capital & Investment Corp. and BPI Capital Corp. as joint issue managers together with China Bank as joint book runners and joint lead underwriters.