Oil refiner Petron Corp. said Monday it strengthened its recovery momentum in 2022 with a consolidated net income of P6.7 billion, up 9 percent from P6.1 billion in 2021 despite navigating a volatile industry environment.
Petron saw its sales volume from local and international operations rise for the second straight year to 112.81 million barrels last year. This was up 37 percent from 82.24 million barrels in 2021. The company sold 68.53 million barrels in the Philippines, higher than 2021’s 47.9 million barrels.
“We’ve been consistent in our recovery, with our profits already at pre-pandemic levels over the past two years. We continue to note an increased and growing demand for our products even as we contend with pricing challenges, heavy competition, and the lingering effects of the pandemic,” said Petron president and chief executive Ramon Ang.
Petron’s board also approved the public offer and issuance of preferred shares of up to P50 billion, with features to be determined by the management.
