ANG-LED Petron Corp. reported a 16% increase in its net income to P3.93 billion for the first quarter (Q1), mainly attributed to growth in its local and Malaysian operations.
The company’s consolidated revenues rose by 21% to P227.64 billion driven by the strong volume growth, Petron said in a statement on Tuesday.
“We have been strengthening our recovery and growth following the pandemic, thanks to our efficiency measures, volume strategy, and sustainability agenda,” Petron President and Chief Executive Officer Ramon S. Ang said.
“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,” he added.
For the January-to-March period, Petron said its operating income went up by 21% to P10.17 billion.
Consolidated sales volume reached 35.29 million barrels, up 23%, which was supported by higher production at Petron’s refinery in Bataan and Port Dickson.
The company’s consolidated retail sales climbed by 11% “driven by the sustained market recovery and Petron’s effective retail execution.
Its commercial volumes likewise increased by 11% mainly on the “substantial jump” in jet fuel and liquefied petroleum gas sales.
“Export volumes also grew considerably by over 90% from the additional export volumes resulting from higher refinery production,” Petron said.
For Petron’s Philippine operations, including the trading volume of the company’s subsidiary in Singapore, recorded a 28% increase in sales volume to 22.72 million barrels.
Petron, which is also a leading player in the Malaysian market, has a combined refining capacity of nearly 270,000 barrels a day. The company operates about 50 terminals in the region and has around 2,700 service stations where it sells gasoline and diesel.
On Tuesday, shares in the company went down by P0.08 or 2.68% to close at P2.90 each. — Sheldeen Joy Talavera
