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Petron Corp. bottom line up 9% in 2022

Publicly listed oil firm Petron Corp. on Monday reported a 9% increase in its net income in 2022, following the double-digit growth recorded in sales from local and international operations during the year.

In an emailed statement, Petron said its net income grew to P6.7 billion from P6.1 billion, as its sales volume rose by 37% to 112.81 million barrels with 68.53 million barrels sold in the Philippines.

“Notable increases were recorded in the company’s sales of jet fuel, LPG (liquefied petroleum gas), and in particular, Polypropylene products with the resumption of Petron’s Polypropylene production in 2022,” it said.

This comes even as crude price continued its slump in the second half of the year, dragged by global inflationary and recession fears and the demand slowdown recorded in China.

“We continue to note an increased and growing demand for our products even as we contend with pricing challenges, heavy competition, and the lingering effects of the pandemic,” President and CEO Ramon Ang said.

“With our full recovery within our reach, we’ve returned our focus on growing the business and beefing up our operational framework to ensure our continued success and sustainability,” he added.

The company is set to build and operate its own coco-methyl ester (CME) plant, which will remove its dependence on third-party suppliers and provide higher margins for diesel.

Petron Corp. ended 2021 with over 2,000 retail stations and various LPG dealerships, stores and franchises, and lube outlets across the country.

Shares in the company closed Monday at P3.00 apiece, up by P0.36 or 13.64% from last Friday’s finish of P2.64. —VAL, GMA Integrated News