Independent oil company Phoenix Petroleum Philippines Inc. said core income grew 35 percent in the first half to P610 million from P450 million in the same period last year.
The company said in a statement over the weekend that revenues from the core petroleum business grew 24 percent to P18.9 billion in January to June from a year ago.
“We will continue to sustain the growth momentum of our company as we expand our retail, commercial, lubricants and LPG businesses, drive operational excellence and acquire companies,” said Phoenix Petroleum president and chief executive Dennis Uy.
Phoenix Petroleum said that including subsidiaries Chelsea Shipping Corp. and Phoenix Petroterminals and Industrial Park Corp., which the company divested in November 2016 and were now deconsolidated, “revenues and net income increased 24 percent and 8 percent, respectively.”
Phoenix disclosed revenues of P15.182 billion and net income of P565.17 million in the first half of 2016.
Phoenix Petroleum completed 518 Phoenix retail service stations as of June 2017.
The commercial sector continued to deliver new direct accounts and expand market share within existing accounts, notably in power, marine transport and road transport.
Phoenix Petroleum said lubricants maintained solid growth, with volume up 18 percent year-to-date.
The company is also bullish of future growth prospects with its foray into the liquefied petroleum gas or LPG market.
Phoenix Petroleum announced the acquisition of Petronas Energy Philippines Inc. in May. “The acquisition of PEPI will be a strong growth and value driver for Phoenix Petroleum as it continues to expand its presence in the petroleum industry,” it said.