PETRON Corp. booked a 21-percent jump in consolidated revenues in the first half of the year to P444.5 billion from P367 billion in the same period in 2023 driven by strong volumes.
Volumes in the Philippines and Malaysia reached 69.1 million barrels , a 20 percent growth from the 57.6 million barrels sold in the same period last year.
Petron said its improved sales is also due to sustained performance of key segments, particularly retail and exports with sales volumes in the Philippines growing 27 percent to 44.4 million barrels while volumes from its Malaysian operations improved 9 percent to 24.7 million barrels.
Petron’s net income for the period was lower by 2 percent at P6 billion from last year’s P6.14 billion.
“Our prudent and strategic approach continues to pay off amid challenging economic conditions. Moreover, we were able to retain our edge in vital sectors and enjoy the trust of more and more customers. Our focus remains on strengthening the quality of our products and services while creating excellent value for our stakeholders,” said Ramon Ang, Petron president and chief executive officer, in a statement.
Petron said its retail segment posted a 10 percent increase and remained a key driver through effective marketing programs in the company’s combined service station network of about 2,600 outlets in the Philippines and Malaysia while sales to industrial accounts improved by 9 percent on higher demand for jet fuel and liquefied petroleum gas.
The company said global oil prices also remained volatile for the first half of the year due to ongoing tensions in the Middle East with per barrel price of Dubai crude averaging at $83 which is 5 percent higher compared to the same period in 2023.
