This is an all-time high quarterly revenue
Phoenix Petroleum Philippines, Inc., leading independent fuel company, has posted an all-time high quarterly revenue of ₱18.083 billion, continuing its momentum of growth in the first three months of 2018. This is up by 107% from the ₱8.727 billion of the same period last year.
66% growth in total fuel volume sold led to the increase, with major contributions from the Company’s new business segments – regional trading and supply arm PNX Petroleum Singapore Pte. Ltd. and Phoenix LPG Philippines Inc. The local LPG business of Malaysia’s Petronas was acquired by Phoenix Petroleum last year and established the Singapore trading office.
As volume increased by 11%, LPG has accelerated growth compared to the same quarter last year. As Phoenix opened more fuel service stations and secured deals to supply to key accounts in the power, manufacturing, shipping, transportation, construction, and other industries, the traditional fuels business continues to show strong organic growth.
Since its acquisition last January, another new business, Philippine FamilyMart CVS, Inc., increased its same store sales by 3%. A franchise of Japan’s FamilyMart, with 65 stores mostly in NCR, Family Mart is the country’s third largest convenience store brand.
From ₱282.31 million for the same period of 2017, Phoenix Petroleum grew its comprehensive net income for this year’s first quarter by 65% to ₱464.75 million. This was inspite of the increase in finance costs related to new business acquisitions and aggressive network expansion, and the increase in cost of sales resulting from higher fuel prices.
Dennis Uy, Phoenix Petroleum President and CEO, said, “Our acquisitions are starting to add value, and we are realizing the synergies across our businesses, from fuels and lubricants to LPG, trading and supply, convenience store retailing, and soon, asphalt. We are looking at another banner year as we fully consolidate our new businesses and relentlessly pursue operational excellence.”
From 5.7%, Phoenix Petroleum increased its market share in 2017 to 6.2%, the highest increase among top fuel players, and cementing its standing as the leading independent.
As it opens more fuel service stations and refurbishes the look to a new and better design, the company continues to expand its fuel retail network. Reflecting the company’s aspiration of becoming the next generation fuel company catering to the needs of the next generation drivers, it opened its 100th fuel service station that sports the new look. PWKD16052018
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