Metro Manila (CNN Philippines, November 9) — Petron Corporation is well on its way to recovery amid the COVID-19 pandemic with earnings rising to nearly ₱5 billion from January to September from last year’s loss.
The oil refiner on Tuesday disclosed a consolidated net income of ₱4.99 billion for the nine-month period — swinging from a ₱12.6-billion loss last year — amid “efforts to reduce costs and yield more savings.”
The recent figure also came as consolidated revenues from Petron’s local and Malaysian operations surged by 35% to ₱291.57 billion.
The listed firm’s local sales of lubricants logged a 28% jump during the said period, while retail station volume logged a 9% jump despite the return of lockdowns. Consolidated sales of 59.2 million barrels matched last year’s 59.5 million tally, Petron added.
Petrochemical exports registered a 68% increase in sales, referred to by the company as “substantial” growth.
“Despite external challenges, sustaining the financial resilience of the company has helped ensure that we have the means and the capacity to continue growing the business while providing our investors with the best return,” Petron president and chief executive officer Ramon Ang said.
Ang also cited “strategic” investments in the company’s service station expansion, refinery enhancements, and supply chain management.
“We are looking forward to ending 2021 in a much stronger and stable position than last year,” the Petron big boss added.
