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Philippines: Phoenix Petroleum Fortifies Position With Increased Market Share

Philippines: Phoenix Petroleum Fortifies Position With Increased Market Share

Company has increased its market share

Enhancing its market share to 6.2% in 2017 from 5.7% the previous year, Phoenix Petroleum Philippines, Inc. has reinforced its position as one of the country’s leading independent fuel companies. It strengthened its reputation as the fastest-growing fuel company in the country with the Department of Energy in its Oil Supply/Demand Report for 2017 also showing Phoenix improving the most in market share among the top four players.

Posting record volume sales in 2017, Phoenix Petroleum led other independents. Petronas Energy Philippines’ share, the LPG business acquired by Phoenix last year which has been renamed Phoenix LPG Philippines, Inc. is also included in this.

Dennis Uy, Phoenix Petroleum President and CEO, said “We are proud to be an emerging major in the industry today, after having started just over 15 years ago in Davao City. As we enter the next phase of our growth, we will continue to be passionate and committed in serving our customers’ needs and growing the business. This milestone inspires us further towards our vision of being an indispensable partner to our customers and business partners.”

In 2017, it posted triple all-time highs in sales volume, revenues, and net income, recording its best performing year yet.

The company recorded a 65% growth from ₱1.09 billion in 2016 reaching a net income of ₱1.79 billion. Core income reached an all-time high of ₱1.42 billion, taking out the non-recurring gains and costs related to the newly-acquired LPG business.

Driven by a strong fuels business in which sales volume increased by 17% to 1.76 billion liters, revenues grew 45% to ₱44.43 billion. A growing number of commercial and industrial accounts in power, marine, manufacturing, transportation, aviation, and other industries is served by Phoenix which has 530 fuel service stations nationwide.

With a nationwide refurbishing of stations, it is strengthening its fuel retail network to a better appearance. Reflecting the company’s aspiration of becoming the next generation fuel company catering to the needs of next generation drivers, Phoenix opened its 100th fuel service station earlier this year that sports the new design.

Powered with Phoenix PULSE Technology, the Company has also launched its upgraded fuels. Phoenix PULSE Technology is a fuel additive with advanced cleaning and protection properties for enhanced power and acceleration, available in all its fuel products.

Phoenix is also investing in new revenue and profit streams, aside from strengthening its fuel business. Marking its entry into the higher margin and high-growth businesses of LPG and convenience store retailing, it acquired Petronas Energy Philippines and Philippine FamilyMart in the past 12 months. PWKD05042018

Last modified onFriday, 06 April 2018 05:35
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