DENNIS A. Uy-led oil firm Phoenix Petroleum Philippines, Inc. said that it was able to corner a bigger market share in the six months ending June, according to a disclosure on Wednesday.
Citing recent data from the Department of Energy (DoE), Phoenix said its market share in the domestic petroleum industry stood at 8.3% in the first half, an improvement from its 7.1% share as of end-2020.
The firm said that its market share more than doubled in the past decade. In 2011, its share accounted for 3.3% of the domestic market, but this has since climbed to over 8% 10 years later.
This development “effectively cements its position as the third largest oil player in the country, and inching closer to the top two majors,” it added.
“As a Filipino company that started much smaller 19 years ago, we at Phoenix are glad and proud that the market is showing more appreciation and support for what we have to offer. Not only does it show how far we’ve come as a brand, but is also very telling of the capability of newer and smaller Filipino businesses to compete with well-established, global brands,” said Phoenix Petroleum President and Chief Executive Officer Henry Albert R. Fadullon.
The firm joined what is described as “smaller firms” which registered a cumulative market share of 52.5% in the domestic petroleum market during the first half of 2021, excluding entities listed under the “end users” category.
Phoenix Petroleum previously reported a net income of P132 million for the second quarter, higher by 9% versus its year-on-year level amid better local sales of its fuel and liquefied petroleum gas products.
Phoenix Petroleum shares at the local bourse shed 1.73% or 22 centavos to finish at P12.48 apiece on Wednesday. — Angelica Y. Yang
