Petron profits doubled in H1 on rallying oil prices, high demand
MANILA, Philippines — Earnings of listed oil firm Petron Corp. doubled year-on-year in the first half, as high oil prices boosted sales while demand recovered amid easing pandemic restrictions.
Consolidated net income from its local and Malaysian operations amounted to P7.7 billion in the first 6 months of the year, higher than P3.87 billion recorded in the comparable period in 2021, Petron said in a stock exchange filing on Monday.
Figures showed consolidated revenues went up to P398.52 billion in the first half, significantly higher compared with P174.13 billion a year ago.
Explaining the growth, Petron said there was a “sustained increase in sales volume and prices”. Global energy prices had risen in the past months triggered by the ongoing war between Russia and Ukraine. Meanwhile, easing virus curbs have reignited demand for fuel.
“Our post-pandemic transition has so far been marked by steady growth particularly in segments where we suffered major setbacks earlier during this crisis,” Ramon Ang, company president and CEO, said.
Petron’s local and Malaysian operations, including its trading subsidiary in Singapore, sold a total of 51.4 million barrels during the first half, up 34% year-on-year
Financial results showed the company’s retail business grew 30% annually due to “strong sales of its premium gasoline and diesel fuels.”
Shares in Petron lost 1.03% on Monday. — Ian Nicolas Cigaral
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