Phoenix Petroleum Philippines Inc. registered a record net income of P2.77 billion in 2018, up 82 percent from the previous year’s, driven by increased volume from new businesses and sustained strength in the core business.
“Despite industry headwinds in fourth quarter, we worked together to deliver a strong close to 2018. We are positioning ourselves for more success in 2019 and beyond, with a focus on growth, execution, and delivering for our customers and shareholders,” said Phoenix Petroleum chief operating officer Henry Albert Fadullon in a statement.
Revenues jumped 99 percent to P88.61 billion in 2018 as volume of petroleum products sold rose 49 percent to an all-time high of 2.75 billion liters from P44.54 billion in 2017.
“The company showed stellar growth in 2018 despite a confluence of industry challenges in the fourth quarter arising from the sharp decline in benchmark crude,” Phoenix said.
“The company saw accelerating growth in its domestic business driven by fuels and LPG, which delivered a 15 percent volume increase,” it said.
Retail volume grew 5 percent from the previous year as a testament to stronger awareness and patronage of the brand. Phoenix opened 600 stations as of end 2018.
Commercial volume increased 13 percent and continued to strengthen its position in fast-growth industries such as marine, road transport and construction.
Phoenix said the liquefied petroleum gas or cooking gas business gained tremendous headway in 2018.
Total LPG volume surged 23 percent on the back of the expansion in Luzon and consistent strength of the Visayas-Mindanao business.
Luzon accounted for 10 percent of total LPG volume from 4 percent Vis-Min meanwhile, and outpaced the industry growth.
“Further driving the company to new records was the trading operations at PNX Petroleum Singapore, which contributed 758 million liters of volume sold to third parties,” Phoenix said.
The volume sold by Singapore was equivalent to 28 percent of the consolidated volume sales.