Petron Corp. booked a 51 percent increase in consolidated net income to P10.1 billion in 2023 from P6.7 billion in 2022.
The company said the better financial performance was driven by its wide presence and effective volume-generation strategies, both in the Philippines and Malaysia especially for jet fuel and liquefied petroleum gas sales.
Petron said it delivered a combined sales volume of 126.9 million barrels for 2023, 13 percent higher than the 112.8 million barrels sold in 2022.
For its Philippine operations, Petron sold 79.5 million barrels in 2023, higher than 2022’s 68.5 million barrels.
Petron remained as the top fuel firm in the Philippines with a market share of 24.5 percent in the first half of 2023, according to the Department of Energy.
Petron recorded lower revenues settling at P801 billion, a 7-percent reduction from the previous year’s P857.6 billion as prices continued to correct from their record-high levels in 2022.
Petron also said that the upswing in the financial results came at a time of persistent geopolitical conflicts and global inflationary concerns pressuring the market.
“Our strategy to capture the economic resurgence and minimize external pressures played a key role to our success. While challenges remained, our company managed to deliver significant improvements in high-demand sectors. We are committed to strengthen these efforts, among other initiatives that will not only solidify our recovery but will also take us further ahead in nation-building,” said Ramon Ang, Petron president and chief executive officer, in a statement.
For this year, Petron eyes further expansion of its retail and logistics network, side by side with its sustainability endeavors.