Refiner Petron Corp. said Wednesday it posted a consolidated net income of P3.6 billion in the first quarter, or more than double the P1.73 billion it registered in the same period last year.
Consolidated revenues leaped to P172.33 billion in the quarter from P83.31 billion a year ago, with the recovery in demand and higher international prices.
Dubai crude reached an average of $95.6 a barrel from January to March amid the geopolitical tension and supply concerns triggered by the Russia-Ukraine conflict.
“Our efforts to increase our financial resilience, improve our efficiencies and strengthen our brand equity have all yielded positive results. Two years into this pandemic, we now find ourselves in a position of renewed strength and confidence as we continue to navigate the industry with the same caution and prudence that helped us turn our financial performance around,” said Petron president and chief executive Ramon Ang.
Petron’s consolidated sales volumes from the Philippines, Malaysia and its trading unit in Singapore grew 34 percent to 25.67 million barrels in the first quarter, on higher demand and the easing of mobility restrictions.
Its retail segment in the Philippines marked a 7-percent increase during the period, signaling strong brand preference from consumers.
Commercial volumes including sales of jet fuels and lubricant products went up by nearly 50 percent in line with increased economic activity and gradual resumption of local and international travels.
The industry leader saw significant volume growth in all its products. Total domestic sales jumped by about 43 percent, reflecting the overall improvement in local demand.
Petron’s petrochemical volumes rose 30 percent, brought about by the increased demand for resin used for personal protective equipment and online deliveries.
Petron resumed operations of its polypropylene plant in January after a two-year shutdown, fueled by the demand growth and higher prices of petrochemicals.
Petron focused on strengthening its already expansive reach and broadening its offerings ahead of future demand.
The company opened more stations in the first quarter in major areas as part of its larger network expansion program. Since 2021, Petron has adopted a new modular and panelized construction system for some of its new builds, creating a more efficient and greener way to construct service stations.
Meanwhile, Petron’s new power plant, which will be completed this year, will allow the company to more efficiently generate steam and power for the 180,000-barrel-per-day refinery in Bataan.
This would make the country’s lone refinery not only capable of supplying 40 percent of the national fuel demand but also self-sufficient in terms of power requirement.
“These initiatives and more are meant to ensure the growth and sustainability of our business in the years to come. For us, the challenge ahead is not just to keep growing in terms of size but also to make a more significant impact in addressing environmental issues and building a better world for the next generations. We know there is more to do, and we are fully committed to seeing this vision through,” said Ang.