PHOENIX PETROLEUM Philippines, Inc. posted a net income of P170 million from January to September 2021, a turnaround from its P95-million net loss in the same period last year.

In a press release on Wednesday, the oil company said the growth was driven by higher revenues “as the sustained volume growth was compounded by sharply rising commodity prices and forex depreciation.”

Phoenix said its revenues for the first nine months grew by 81% from the period last year, while its per unit operating expense declined by 29% due to continued efficiency improvements, bringing its operating income up by 78% to P1.64 billion.

The oil firm’s overall volume from January to September 2021 rose by 33% from the previous year as its domestic volume increased by 29% with the company’s expansion of sales to business-to-business industries and with a rise in the demand for liquefied petroleum gas (LPG).

Phoenix’s LPG sales also grew by 35% in the first nine months of 2021 due to high demand.

For overseas transactions, the company’s overseas volume also increased by 37% “driven by growth in the trading business.”

Meanwhile, Phoenix said its retail business “was set back” in the third quarter due to the reimposition of the enhanced community quarantine in Metro Manila and in other major provinces and cities in the country in August and September.

The company said “momentum is expected to further pick up” in the fourth quarter due to the country’s acceleration of vaccinations, decline in the number of new coronavirus cases and further easing of pandemic restrictions.

“As quarantine restrictions are eased, and more economic activity is expected during the holidays, we are looking forward to capping off the year with an even more vigorous business performance,” Phoenix President Henry Albert R. Fadullon added.

Phoenix shares went down by 0.71% or eight centavos to close at P11.20 apiece on Wednesday. — Bianca Angelica D. Añago