Phoenix Petroleum nets 19% in Jan-Sept

MANILA, Philippines – Robust fuel sales volume as a result of retail expansion helped Phoenix Petroleum Philippines Inc. to grow its nine-month net profit by a fifth this year.

Net income rose 19 percent from P758.4 million in the first nine months to P903.8 million in the same period in 2016, the company disclosed yesterday.

Phoenix attributed this financial growth to the 38 percent expansion in fuel sales volume for the period.

The growth in fuel sales volume was partly driven by the 41 percent growth in commercial, industrial, and aviation segment sales.

“Sales to commercial accounts, primarily to the aviation, power, shipping, fishing, mining, and transportation sectors, registered a continuous growth during the year,” Phoenix said.

The oil firm also said the 18 percent growth in its retail station sales contributed to its better performance during the period.

“This is a direct result of the company’s strategy to focus expansion in the retail station network, and the increase in same-store sales by 6.4 percent,” Phoenix said.

As of end-September, the oil firm completed 495 stations nationwide versus 454 stations at the end of 2015.

On the other hand, the oil firm’s non-fuel related business (NFRB) complements the growth of the retail segment by adding more locators to various retail station sites.     

“The company has been growing this segment as it builds bigger stations with ample spaces that can accommodate the growing needs of NFRB by capitalizing on the company’s brand and the stations’ good location,” Phoenix said.

To support both its retail network expansion and its commercial and industrial clients, Phoenix Petroleum said it continues to expand its logistics (shipping & land transport), storage, and infrastructure.