Petron 9-month net income up 16%

Petron Corp. posted a 16% growth in its consolidated net income in the first nine months of the year, on the back of the strong volume growth the company said was fueled by higher demand for gasoline and diesel products.

The company said its consolidated net income grew to P9.5 billion from P8.2 billion in the same period in 2022, while its operating income increased by 64% to P27 billion from P16.5 billion.

Consolidated revenues moderated to P587.3 billion from P631.1 billion in the past year, as prices corrected from the extraordinary levels seen in 2022 due to the conflict between Russia and Ukraine.

The company reported a consolidated sales volume of 93.6 million barrels, reflecting a 16% increase from 80.4 million barrels sold last year, with volume improvements noted across major business segments.

“We are seeing consistent growth in all areas of our business. Our wide reach, superior product quality, and reliable service have allowed us to sustain our good performance throughout the year, and maintain or even strengthen our market share in high-demand sectors,” Petron president and CEO Ramon Ang said.

Petron ended 2022 with over 1,900 retail service stations and various liquefied petroleum gas (LPG) dealerships, stores and franchises, and lube outlets across the country. —KBK, GMA Integrated News