Phoenix Petroleum says fuel market share up at 6.2%

Phoenix Petroleum Philippines Inc. has increased its market share to lead the country’s independent oil sector, the company said on Tuesday.

The company’s market share rose to 6.2 percent in 2017 from 5.7 percent a year earlier, based on data from the Department of Energy, Phoenix Petroleum assistant vice president Socorro Cabreros said in a regulatory filing on Tuesday.

The Department of Energy’s Oil Supply/Demand Report 2017 shows that Phoenix Petroleum improved the most in market share to be the fastest-growing independent oil company, topping the other independent oil players in the country, according to the Phoenix Petroleum. 

“We are proud to be an emerging major in the industry today, after having started just over 15 years ago in Davao City,” Phoenix Petroleum president and CEO Dennis Uy said.

In 2017, Phoenix Petroleum posted a net income of P1.79 billion, up 65 percent from P1.09 billion in 2016.

Revenue stood at P44.43 billion, up 45 percent on the back strong fuels business as sales volume increased by 17 percent to 1.76 billion liters.

Phoenix Petroleum operates 530 retail stations nationwide and serves a number of commercial and industrial accounts in power, marine, manufacturing, transportation, aviation, and other industries.

The company has ventured into other revenue streams when it acquired Petronas Energy Philippines and Philippine FamilyMart and marked its entry into liquefied petroleum gas (LPG) and convenience store retailing.

Phoenix established its trading arm PNX Petroleum Singapore Pte Ltd. in September 2017 to enhance the group’s petroleum efficiencies and get a foot in the regional market.

Early this year, Phoenix entered into a joint venture with TIPCO Asphalt of Thailand and PhilAsphalt to form Phoenix Asphalt Philippines Inc. to manufacture, market, and distribute asphalt in the country. —Ted Cordero/VDS, GMA News