PHOENIX Petroleum Philippines, Inc. reported a 62% increase in net income to P531.11 million in the second quarter, as revenues more than doubled with the surge in sales volume.
Revenues during the quarter hit P22.17 billion, up 118% from P10.16 billion in the same three months last year.
“As we grow our core business, we are also realizing the value of our new businesses, as we maximize synergies across our portfolio of fuels, lubricants, LPG, trading and supply, convenience store retailing, and asphalt,” said Phoenix Petroleum Chief Operating Officer Henry Albert R. Fadullon in a statement.
For the first six months, Phoenix Petroleum said it had posted its “best first half yet” as its income, revenue and market share grew.
Net income during the semester rose 59% to P969.8 million, while revenues jumped by 113% to P40.25 billion.
“This was primarily driven by the 63% increase in total volume sold,” the company said.
In terms of market share, Phoenix Petroleum said it now holds the third spot, with a 7.12% share, citing a report from the Department of Energy as of the first quarter. In 2017, the company ranked fourth with a market share of 6.2%.
Sales volume from the core fuel business grew by 18%, while retail volume rose by 8% as the company continues to expand its network. Phoenix Petroleum has so far opened 545 stations nationwide.
New businesses in liquefied petroleum gas (LPG), trading and supply, and convenience store retailing are also delivering value, it said.
Phoenix LPG Philippines expanded its volume by 18% in the first half compared to the same period in 2017 when it was operating as Petronas Energy Philippines.
“The brand, Phoenix Super LPG, is expanding in Luzon as it strengthens its presence in Visayas and Mindanao,” it said.
The company said Philippine FamilyMart CVS, Inc. registered an average daily sales growth of 7% since its acquisition in January this year, “by focusing on improving in-store and supply chain efficiencies and better food offerings that cater to its target market.”
FamilyMart is the country’s third largest convenience store brand, a franchise of Japan’s FamilyMart, with 68 stores mostly in the National Capital Region. Its newest store, the first since the acquisition, opened on Wednesday at West Aero Park in Clark Global City.
On Wednesday, shares in Phoenix Petroleum closed 0.83% higher to P12.10 each. — Victor V. Saulon
