Petron profit doubles to P7.7B on steady sales rise

PETRON Corp. reported a net income of P7.7 billion in the first semester, or about double the P3.87 billion earned in the same period last year, as the company maintained steady sales growth.

In a disclosure to the stock exchange, the company said year-to-date sales in the Philippines and Malaysia, including its trading subsidiary in Singapore, increased 34% to 51.4 million barrels from 38.5 million in the same period last year.

Petron, the country’s largest refining company, attributed the increase in commercial sales to easing pandemic restrictions as aviation and travel rebounded from the pandemic’s impact.

“Our post-pandemic transition has so far been marked by steady growth particularly in segments where we suffered major setbacks earlier during this crisis,” Petron President and Chief Executive Officer Ramon S. Ang said in a press release.

The company has yet to disclose its profit and revenue figures for the second quarter.

In the first half, sales of lubricant products, Jet-A1 aviation fuel, liquefied petroleum gas, and petrochemicals showed strong growth compared with 2021, Petron said.

It added that the group’s retail business registered an uptick of nearly 30% “fueled by the strong sales of its premium gasoline and diesel fuels.”

Consolidated revenues for the first half jumped to P398.5 billion, or more than double the P174.1 billion recorded in the same period last year, because of a sustained increase in sales and volume prices. Dubai crude averaged $102 per barrel from January to June due to supply concerns.

“We move forward with hope and optimism as we roll out projects that will not only yield optimal returns for the company but more importantly, lead towards greater sustainability and create economic opportunities for more sectors,” Mr. Ang said.

Petron, which is also a leading player in the Malaysian market, has a combined refining capacity of 268,000 barrels a day. The company operates about 40 terminals in the region and has around 2,800 service stations where it sells gasoline and diesel. — Ashley Erika O. Jose