Metro Manila (CNN Philippines, March 8) — Petron Corp. swung back to profit in 2021 amid higher global prices and local demand with the easing of restrictions, its stock exchange filing published Tuesday stated.
The oil refiner reported earnings of ₱6.14 billion last year — shifting from a ₱11.4 billion net loss in 2020.
“The company sold 82.24 million barrels during the year, a 5% growth made possible by the easing of restrictions and re-start of economic activities that improved overall demand during the period,” Petron said.
The listed firm also registered a 6.4% increase in Philippine retail volumes, along with growths of 2% and 11% for its industrial and lubricant sales.
Petron likewise posted ₱438.06 billion in consolidated revenues — a 53% year-on-year increase it attributes to higher international prices and local demand.
“Dubai crude prices breached the US$80 per barrel level in the fourth quarter due to recovering oil demand and tighter supply. As a result, it averaged nearly US$70 per barrel in 2021, 64% higher than 2020’s US$42 per barrel,” Petron said, stressing this is Dubai crude’s highest yearly average in the past three years.
Petron resumed its refinery operations in the second half of 2021, a feat it attributes not only to the recovery in demand but also to the “managed approach” of the Organization of the Petroleum Exporting Countries (OPEC) in increasing supply back in the market.
The oil company reported as well the construction on its new 184-megawatt power plant in its Bataan refinery complex is nearing completion — eliminating the use of fuel oil there and allowing the conversion of feedstock to more fuel for sale.
Petron president and chief executive officer Ramon Ang welcomed the latest figures, saying it’s an “understatement” to say the company has come a long way since the onset of the COVID-19 health crisis.
“We have recovered significant volumes in key market segments, and more importantly, we have returned profitability to our business. This allowed us to follow through on our expansion programs, bring our products and services to more consumers, and contribute to our country’s progress,” Ang said.
“We hope to carry on with this momentum and thrive further in 2022,” he added.
Petron shares closed at ₱3.94 each on Tuesday — up 3.68% from yesterday’s close.
