Petron claims 73-percent hike in consolidated net income

Oil refining and marketing firm Petron Corp. on Monday reported a 73-percent climb in its consolidated net income in 2016, as the company noted record sales volumes during the period.

In an emailed statement, Petron said its consolidated core net income was registered at P10.8 billion last year, versus the P6.3 billion in 2015.

“The Company’s robust performance was driven by record sales volumes, operational efficiency with increased crude run at higher product yields, and effective risk management,” it said.

This comes after company’s local volumes grew by 10 percent to reach 48.2 million barrels in 2016, exceeding the Philippine demand growth of 8.8 percent based on the latest data from the Department of Energy (DOE).

According to Petron, the surge in volumes helped offset the drop in sales revenue due to lower crude oil and product prices, bringing operating income up by 31 percent to P23.8 billion from 2015’s P18.1 billion.

“We exceeded expectations in 2016 and are well-poised to sustain our growth momentum this year with our continued focus on profitable market leadership, optimal product yields from our refinery, and further synergies internally and with other San Miguel companies,” Ramon S. Ang, Petron President and CEO, said.

Share prices of Petron Corp. closed Tuesday at P8.70 apiece, up by P0.05 or 0.58 percent from Monday’s P8.65. -NB, GMA News