PHOENIX Petroleum Philippines, Inc. reported a net income of P464.75 million for the first three months of 2018, 65% higher than the P282.31 million it recorded in the same period last year.
The company’s revenue also soared to P18.083 billion, up by 107% from last year’s P8.727 billion.
“The increase was driven by the 66% growth in total fuel volume sold, with major contributions from the Company’s new business segments — regional trading and supply arm PNX Petroleum Singapore Pte. Ltd. and Phoenix LPG Philippines Inc,” the firm said in a statement released Friday.
Phoenix acquired the local LPG business of Malaysia’s Petronas and established a Singapore trading office last year.
LPG volume saw a 11% increase from the same period of 2017.
Phoenix Petroleum said its market share last year climbed to 6.2% from 5.7%, posting the highest increase in the oil industry.
Its convenience store business, Philippine FamilyMart CVS, Inc., also said its same store sales increased by 3% since January. The local franchise of Japan’s FamilyMart currently has 65 stores in the country, mostly located in the National Capital Region.
Phoenix also broke ground recently for an asphalt plant in Batangas for Phoenix Asphalt Philippines, Inc., a joint venture with Thailand’s TIPCO Asphalt and PhilAsphalt Development Corp.
Dennis A. Uy, the president and chief executive officer of Phoenix, was quoted as saying, “Our acquisitions are starting to add value, and we are realizing the synergies across our businesses, from fuels and lubricants to LPG, trading and supply, convenience store retailing, and soon, asphalt. We are looking at another banner year as we fully consolidate our new businesses and relentlessly pursue operational excellence.”
Phoenix said it will continue to expand its retail network in 2018. — Denise A. Valdez