PETRON CORP. expects to sustain its earnings momentum through yearend after posting stronger results for the first nine months, President and Chief Executive Officer Ramon S. Ang said on Tuesday.
“Our performance over the past three quarters has been a testament to our resilience despite external pressures and competition,” Mr. Ang said in a statement. “We remain optimistic about maintaining this momentum through the rest of the year.”
The country’s largest oil refiner reported a 37% jump in net income to P9.7 billion for the January-September period, driven by higher domestic sales, lower operating costs, and improved plant efficiency.
Revenue fell 10% to P594.9 billion, weighed by lower international crude prices. Dubai crude averaged $71 per barrel, up 13% from a year earlier.
Petron did not provide third-quarter financial figures.
Its Philippine and Malaysian operations sold a combined 82.6 million barrels, up 3% year on year, led by an 11% rise in Philippine retail sales as the company expanded its dominant market share.
The gains from higher local demand and stronger refinery productivity at its Limay, Bataan and Port Dickson, Malaysia plants helped offset an 11% drop in regional refining margins.
Petron retained its position as the Philippines’ top oil market player, with a 24.9% share as of June 2024, according to the Department of Energy. The company operates about 50 terminals across the region, 2,700 service stations and maintains a refining capacity of almost 270,000 barrels per day.
Petron shares closed unchanged at P2.35 apiece. — Sheldeen Joy Talavera
