Petron Corp. recorded a 16 percent increase in net income in the first quarter of the year to P3.93 billion from P3.4 billion in the same period last year, driven by the growth across all business segments in local and Malaysian operations.
Consolidated revenues went up 21 percent to P227.64 billion from the previous year’s P188.75 billion.
Consolidated sales volume reached 35.29 million barrels, 23 percent higher than 2023’s 28.59 million barrels supported by higher production at Petron’s refinery in Bataan and Port Dickson.
Consolidated retail sales of the company were up 11 percent, driven by the sustained market recovery and Petron’s effective retail execution. Commercial volumes rose 11 percent mainly on the substantial jump in jet fuel and liquefied petroleum gas sales.
However, Petron said that first quarter 2024 global prices remained almost flat compared to the same period last year. Dubai crude stood at $84 per barrel by March this year.
“We have been strengthening our recovery and growth following the pandemic, thanks to our efficiency measures, volume strategy, and sustainability agenda. We are pleased to start the new year on a strong note, and we hope to sustain this momentum as we work towards new goals this 2024,” said Ramon Ang, Petron president and chief executive officer, in a statement.
