Petron net income up 51% in 2023

Petron Corp. on Tuesday reported a 51% increase in its consolidated net income for the past year, as the company reported higher production in its Bataan and Port Dickson refineries during the period.

In an emailed statement, the company said its consolidated net income rose to P10.1 billion in 2023 from P6.7 billion the previous year, as its combined sales volume climbed by 13% to 126.9 million barrels from 112.8 million in 2022.

Petron sold 79.5 million barrels in the Philippines, on the back of the 50% increase in jet fuel where it held some 80% of the market, and sales of its liquefied petroleum gas (LPG) products which climbed by 26%.

Revenues for the year fell by 7% to P801 billion from P857.6 billion in 2022, as the full-year average price of the benchmark Dubai crude declined by 15% to $82 per barrel from $96 the previous year.

“Our strategy to capture the economic resurgence and minimize external pressures played a key role to our success. While challenges remained, our company managed to deliver significant improvements in high-demand sectors,” president and chief executive officer Ramon Ang said.

Petron’s businesses involve the refining of crude oil, and the market and distribution of refined petroleum products such as gasoline, naphtha, LPG, diesel, jet fuel, kerosene, and petrochemicals.

The company 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