Petron H1 revenues up 21%

Petron Corp. on Tuesday reported double-digit growth in its consolidated revenues for the first six months of the year, as volumes rose during the period on the back of the sustained performance of its retail and exports segments.

The company said consolidated revenues grew by 21% to P444.5 billion from P367 billion in the same period in 2023. It did not indicate a net income for the period.

Volumes in the Philippines and Malaysia reached 69.1 million barrels, reflecting a 20% growth from 57.6 million barrels in 2023. Sales volumes in the Philippines expanded by 27% to 44.4 million barrels, while Malaysian operations grew by 9% to 24.7 million barrels.

The retail segment posted a 10% increase as the company recorded 2,600 outlets in the Philippines and Malaysia, while sales to industrial accounts grew by 9% on the back of higher jet fuel and liquefied petroleum gas (LPG) demand.

“Our prudent and strategic approach continues to pay off amid challenging conditions. Moreover, we were able to retain our edge in vital sectors and enjoy the trust of more and more customers,” Petron president and chief executive officer Ramon Ang said in an emailed statement.

“Our focus remains on strengthening the quality of our products and services while creating excellent value for our stakeholders,” he added. —RF, GMA Integrated News