LISTED oil firm Phoenix Petroleum Philippines, Inc. announced a net income of P132 million for the second quarter, higher by 9% compared with the level in the first quarter, on the back of increased local sales of its fuel and liquefied petroleum gas (LPG) products.

“Overall volume grew 32% from the prior quarter as the growth of the domestic business picks up pace,” the Dennis A. Uy-led company said in a regulatory filing on Monday.

The company did not release year-on-year comparative figures.

Domestic volume rose by 27% quarter on quarter. Manufacturing and trade were the main industries which drove up the firm’s commercial and B2B segments during the period.

Phoenix Petroleum said its LPG business also improved in the three months ending June due to “strong” canister volume sales and better sales in the industrial sector.

Meanwhile, international sales were up by 37% quarter on quarter due to growth in Vietnam’s LPG business, it added.

“Our second quarter performance shows that our domestic growth is accelerating, and we are solidifying our market positions as evidenced by the recent market share expansion. Despite challenges, we are able to continue to expand our network via a capex-light model, win new B2B accounts, and keep our costs in line,” Phoenix Petroleum President Henry Albert R. Fadullon said.

He added that Phoenix would continue to implement “high-impact” activities to strengthen its fundamentals.

On Monday, the firm acknowledged that retail recovery had slowed down due to challenges in mobility amid spikes in coronavirus disease 2019 (COVID-19) cases, slower-than-expected vaccine rollout and the threat of new COVID-19 variants.

Last week, Phoenix Petroleum settled P3.08-billion worth of commercial papers, which were partly financed by internal funds. The securities were listed in the PDEx or Philippine Dealing & Exchange Corp.

As of the first quarter, the oil firm’s local market share stood at 7.8%, bigger than the 7.1% recorded in the same period last year, according to the Energy department. Phoenix Petroleum said this “cements” its position as the third-largest oil player in the Philippines.

Phoenix Petroleum shares at the local bourse improved by 0.15% or two centavos to close at P12.96 apiece on Monday. — Angelica Y. Yang