Oil refiner Petron Corp. posted a net income of P7.1. billion in the first nine months of 2024, down by 25.26 percent from P9.5 billion in the same period last year on refining margin correction despite strong revenues.
Petron’s consolidated revenues grew 12 percent to P657.93 billion from P587.28 billion, driven by sustained volume growth of 12 percent to 104.4 million barrels from 93.6 million barrels in 2023.
“Our resilience, while repeatedly tested, continues to carry us through challenging market dynamics. We are grateful for the steady support of our customers and other stakeholders, allowing us to still deliver growth despite temporary setbacks,” said Petron president and chief executive Ramon Ang in a statement.
The company said regional refining cracks tracked the continued correction in crude prices to pre-war levels affecting the margins of Petron. Average refining cracks declined by close to 30 percent from a year ago.
Petron, however, managed an operating income of P22.3 billion in the nine-month period from P27.0 billion in the same period last year amid the challenging business environment.
Sales volume from its Philippine operations and Singapore trading arm posted a combined 16-percent increase to 67.8 million barrels, while sales volume from the company’s Malaysian subsidiaries rose 4 percent to 36.6 million barrels.
The company’s service station operations in the Philippines fueled the consolidated 7-percent increase in retail sales, driven by Petron’s strong brand attributes and strategic marketing efforts.
Sales from the company’s commercial and export trades also showed consistent improvement at 7 percent and 11 percent, respectively.
Petron said the international oil market remained uncertain, as weak demand from China aggravates the continued impact of political tensions in the Middle East.
It said the price of benchmark Dubai crude continued to drop in the third quarter, settling at $74 per barrel. Dubai crude averaged $82 per barrel in the first nine months of 2024, at par with the same period last year.
Petron listed at the Philippine Stock Exchange (PSE) the P16.83 billion the company raised from its latest preferred shares offering in time for its 91st anniversary in September.
The total amount reflects the P13-billion base offer and oversubscription of P3.83 billion, underscoring the strong demand for Petron’s preferred shares.
Petron recently launched the Tapat Sa’Yo campaign, consolidating Petron’s competitive advantage in terms of value for money, product and service quality, and promos and rewards, testifying to the homegrown company’s commitment to put its customers first.
