Petron posts P9.5B net income in H1, up 16%

Petron Corporation posted a consolidated net income of P9.5 billion in the first half of 2018, up 16 percent from P8.2 billion a year earlier amid sustained sales volumes across its domestic and Malaysian operations.

In a regulatory filing submitted by Petron legal manager Jhoanna Jasmina Javier-Elacio on Tuesday, the company said its consolidate revenue grew by 32 percent to P273.5 billion from P207 billion year-on-year.

Petron attributed the double-digit bottom line and top line growth to sustained sales volumes of its Philippine and Malaysian operations and higher prices of crude oil and finished products.

Consolidated sales volumes grew to 54.4 million barrels despite benchmark Dubai crude oil averaging at $68 per barrel, up 32 percent over the same period last year.

"In the Philippine market, Petron’s continued focus on other high-margin products resulted in petrochemicals generating strong sales, surpassing last year’s first half volumes by 14 percent gasoline and aviation fuel likewise increased by 8 percent and 4 percent, respectively," it said.

Petron Malaysia reported a 7 percent growth in sales volumes boosted by stronger retail sales on the back of continuing network expansion program.

Petron Malaysia now has over 620 service stations.

Petron said it also benefited as the Malaysian ringgit recovered and continued to strengthen during the period.

“We intend to fortify our leadership position as we ride on the continued economic growth of the Philippine and Malaysian markets. We continue to integrate our value chain, build up our supply and logistics capabilities, and roll-out more service stations than our competitors,” Petron president and CEO Ramon Ang said. — BM, GMA News