PETRON Corp. swung to profitability in 2021 with a reported net income of P6.14 billion from P11.4-billion net loss in 2020 on the back of higher sales volume due to more relaxed quarantine restrictions.

In a press release on Tuesday, Petron said it “continued to bounce back from the impact of the pandemic” after its sale grew by 5% to 82.24 million barrels last year.

“To say that we’ve come a long way since the start of this pandemic would be an understatement. We have recovered significant volumes in key market segments, and more importantly, we have returned profitability to our business,” Petron President and Chief Executive Officer Ramon S. Ang said.

The country’s largest oil refining and marketing company said its retail volume rose 6.4% during the implementation of granular lockdowns, while its industrial sales went up by 2%, pushed by the re-opening of the economy.

“Petron’s lubricant sales recorded the highest growth at 11%, highlighting the strong performance and presence of its locally produced engine oils and other lubricant products in the market,” the company said.

The increase in international prices also played a huge role in the firm’s economy, driving its consolidated revenue for last year to P438 billion, 53% higher than the P286 billion posted in 2020.

“Dubai crude prices breached the $80 per barrel level in the fourth quarter due to recovering oil demand and tighter supply. As a result, it averaged nearly $70 per barrel in 2021, 64% higher than 2020’s $42 per barrel. This is Dubai crude’s highest annual average in the past three years,” the company said.

The San Miguel Corp. unit is also looking forward to the completion of its 184-megawatts (MW) power plant in Limay, Bataan, which, it said, will reduce its refinery’s usage of fuel oil and will convert the feedstock into more fuel for sale.

In January, Petron said it would offer and issue $500-million worth of senior notes to repay debts and partially fund its P12-billion power plant project in Bataan.

Petron shares at the Philippine Stock Exchange on Tuesday went up by 14 centavos or 3.68% to close P3.94 apiece. — Marielle C. Lucenio