Petron Corp. recorded a 9- percent increase in consolidated net income in 2022 to P6.7 billion from P6.1 billion in 2021.
The company attributed the growth to higher sales volume from both its local and international operations.
Petron’s sales for the period hit 112.81 million barrels, a 37-percent increase from 2021’s 82.24 million barrels. In the Philippines , the company sold 68.53 million barrels, 43 percent higher than 2021’s 47.9 million barrels.
Petron in 2022 ramped up its refinery production to take advantage of favorable refining cracks.
Petron said last year’s improved performance was partly countered by the more expensive crude and finished product import costs and escalated financing cost due to higher working capital requirement and borrowing rate.
“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. With our full recovery within our reach, we’ve returned our focus on growing the business and beefing up our operational framework to ensure our continued success and sustainability,” said Ramon Ang, Petron president and chief executive officer, in a statement.
The company is also set to build and operate its own coco-methyl ester plant to eliminate dependence on third-party suppliers and provide higher margins for diesel. -Jed Macapagal
