Petron 9-mo profit dives
Petron Corp. reported a 25-percent drop in its net income in the first nine months into the year at P7.1 billion, from P9.5 billion in the comparable period last year due to corrections in refining margins.
Petron posted a 12 percent growth in consolidated revenues at P657.93 billion, from P587.28 billion in the same period last year, driven by sustained volume growth of 12 percent to 104.4 million barrels from 93.6 million barrels in 2023.
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 its Malaysian subsidiaries rose 4 percent to 36.6 million barrels.
Petron said the international oil market remains uncertain as weak demand from China aggravates the continued impact of political tensions in the Middle East, while regional refining cracks tracked the continued correction in crude prices to pre-war levels affecting its margins.
The company said its average refining cracks declined by close to 30 percent from a year ago.
“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 Ramon Ang, Petron president and chief executive officer.
SMB domestic revenues hit P99B
San Miguel Brewery Inc. (SMB) grew its Philippine operation’s profit by 36.7 percent to P23.4 billion.
This includes dividends of P7.4 billion from its international subsidiary, the company said in a statement.
“As of Sept.30, 2024, domestic revenues reached P98.8 billion, up 2.7 percent from the previous year due to better third quarter performance,” SMB said.
In the third quarter alone, beer sales volume increased by 3.9 percent, or 1.9 million cases, recovering from a slower first half. This growth was driven by targeted sales and marketing efforts, along with volume-boosting programs.
Ramon Ang, SMB president, said the local operation’s result “reflects our dedication to keeping consumers engaged with our iconic brands and making sure there’s a San Miguel beer for every occasion and preference.”
ALLHC income reaches P618M
AyalaLand Logistics Holdings Corp. (ALLHC) closed the first nine months of the year with a profit of P618 million over revenues of P4 billion.
The company reported industrial lot sales revenues of P2.6 billion mainly on account of lots sold at Laguindingan Technopark, coupled with higher completion rates for developing industrial estates.
“Leasing businesses contributed total revenues of P1.2 billion from the strong performances of warehouse, cold storage, and commercial leasing,” it added.
ALLHC said its warehouse leasing posted rent worth P566 million, up from P510 million last year, given the increase in leasable area and higher occupancy.
Cold storage revenues increased to P153 million from P129 million with the addition of the ALogis Artico Santo Tomas facility in the portfolio.
Commercial leasing revenues registered at P680 million due to improved mall occupancies, the company added.
Robert Lao, ALLHC chief executive officer, said the company has strengthened and diversified its industrial real estate portfolio.
“We look to deliver on our healthy pipeline of leasable properties which will increase our recurring revenue and enable us to establish a stronger foothold in the real estate logistics industry,” he said.
In August, Lao said, the company topped off the first building of its data center project under A-FLOW — ML1 Data Center.
A-FLOW is the joint venture partnership between ALLHC and FLOW Digital Infrastructure. The first phase of the data center will have an initial 6 megawatts capacity ready for service.
In the fourth quarter, ALLHC said it expects to complete the first phase of the ALogis Mabalacat warehouse facility and the ALogis Artico Mabalacat cold storage which will add 7,700 square meters of gross leasable area and 5,000 cold pallet positions to the portfolio, respectively.
“Moreover, construction is also in full swing for the second phase of ALogis Mabalacat, which will contribute an additional 18,000 square meters of warehouse inventory upon its delivery,” the company added.
