PHOENIX Petroleum Philippines, Inc. grew its core profit by 27% in the first nine months of the year, driven by higher volumes of petroleum products sold.
The listed company led by businessman Dennis A. Uy said core net income reached P1.32 billion from January to September, as revenues doubled to P64.96 billion. The volume of petroleum products sold jumped by 51% to 2.02 billion liters, with market share steady at 7.1% based on the Department of Energy’s report in the first half of the year.
Phoenix Petroleum’s domestic business increased its volumes by 21%, boosted by an 11% uptick in fuels and 23% for LPG. Its trading operations overseas through PNX Petroleum Singapore Pte. Ltd. accounted for more than a fourth of consolidated volume sales after selling more than 500 million liters during the nine-month period.
Its recently acquired convenience store chain, Philippine FamilyMart CVS, Inc. delivered average daily sales of 21% post-acquisition. The firm attributed the growth to the launch of its Generation 2 stores, which features more food selections and larger dining areas to attract more consumers.
The company currently operates 71 FamilyMart stores, with five more stores to be opened before the end of the year. Four of the operating stores are located on board Starlite Ferries vessels, with a full store on Starlite’s MV Salve Regina plying the Batangas to Caticlan route.
“In this highly dynamic operating environment, we continue to recognize opportunities. We are broadening our products and services — fuels, LPG, convenience stores, payments, and soon, asphalt — developing credible and compelling offers that create value for our consumers, partners, and shareholders,” Phoenix Petroleum Chief Operating Officer Henry Albert R. Fadullon said in a statement.
The company plans to issue up to P10 billion worth of commercial papers this year to finance the importation of fuels and lubricants, and to repay short-term loans with BDO Unibank, Inc., Asia United Bank Corp., Robinsons Bank Corp., United Coconut Planters Bank, and Development Bank of the Philippines due in December.
Shares in Phoenix Petroleum went up by 0.73% or eight centavos to close at P10.98 each at the stock exchange on Friday. — Arra B. Francia
