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Thursday, March 28, 2024

Petron’s profit hit P7.7b in first half

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Oil refiner Petron Corp. said Monday consolidated net income doubled to P7.7 billion in the first half from P3.87 billion a year ago on double-digit growth in sales.

“Our post-pandemic transition has so far been marked by steady growth, particularly in segments where we suffered major setbacks earlier during this crisis. We move forward with hope and optimism as we roll out projects that will not only yield optimal returns for the company but, more importantly, lead towards greater sustainability and create economic opportunities for more sectors,” said Petron president and chief executive Ramon Ang.

The country’s largest oil company and the remaining refiner continued to emerge stronger from the pandemic as Petron’s sales volumes increased due to recovering demand and waning pandemic concerns.

The company’s Philippine and Malaysian operations, including its trading subsidiary in Singapore, sold 51.4 million barrels in the first half, up 34 percent from 38.5 million barrels last year. Sales volume improved across all trades, with Petron’s commercial sales posting the highest increase as more industries, including aviation travel, rebounded from the pandemic’s impact.

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