Metro Manila (CNN Philippines, May 4) — Listed Petron Corp. reported Wednesday a net income of ₱3.6 billion for January, more than double its earnings in the same period last year.
The latest earnings come amid a recovery in demand and easing of quarantine restrictions, which also drove up consolidated sales volumes from the Philippines, Malaysia, and its Singapore trading unit to 25.67 million barrels, a 34% jump.
In the Philippines, Petron saw a 7% rise in its retail segment and nearly 50% increase in commercial volumes. Domestic sales also climbed by 43%, it added.
The company’s petrochemical volumes also went up by about 30%, which it attributed to higher demand for resin used in personal protective equipment and online deliveries.
In sum, Petron reported consolidated revenues of ₱172.33 billion for January to March this year — compared to ₱83.31 billion in the first quarter of 2021 — which it attributed to demand recovery and higher global prices.
Petron president and chief executive officer Ramon Ang attributed the positive results to their efforts to strengthen financial resilience and brand equity, and improve efficiencies.
“Two years into this pandemic, we now find ourselves in a position of renewed strength and confidence as we continue to navigate the industry with the same caution and prudence that helped us turn our financial performance around,” Ang said.
