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Philippines: Phoenix Petroleum Net Income Increases 59% In 1H 2018

Philippines: Phoenix Petroleum Net Income Increases 59% In 1H 2018

With income, revenue, and market share growing in the first six months of 2018, Phoenix Petroleum Philippines, Inc. has posted its best first half yet.

There was a 59% increase in net income after tax to ₱969.8 million in the first half compared to the same period last year.

During the first half of 2018, revenues grew by 113% to ₱40.25 billion, from ₱18.89 billion in the same period in 2017, primarily driven by the 63% increase in total volume sold.

Phoenix Petroleum now holds the third spot, in terms of market share, with 7.12% share, as per the Department of Energy report for 1Q2018, an increase from its 6.2% share of the market in 2017, where Phoenix then ranked fourth among fuel players.

In the first half of 2018, Sales volume from the core fuel business grew by 18%, compared to the same period in 2017. As Phoenix continues to expand its network, having opened 545 stations nationwide, retail volume increased by 8%. The company has given a new face to its stations with a new and better design, in addition to launching new products and improved service. The company, in February, launched its upgraded fuels powered with Phoenix PULSE Technology, a fuel additive with advanced cleaning and protection properties for enhanced power and acceleration.

With the company securing more key accounts inpower, manufacturing, shipping, transportation, construction, and other industries, sales volume from core fuel commercial and industrial segment grew by 28%. New businesses in LPG, trading and supply, and convenience store retailing is delivering value to Phoenix Petroleum.

In the first half, Phoenix LPG Philippines grew its volume by 18% compared to the same period last year, when it was operating as Petronas Energy Philippines.

Since it was acquired by Phoenix in January this year, Philippine FamilyMart CVS, Inc. posted an average daily sales growth of 7%, by focusing on improving in-store and supply chain efficiencies and better food offerings that cater to its target market. A franchise of Japan’s FamilyMart, with 68 stores mostly in NCR, FamilyMart is the country’s third largest convenience store brand and its newest store, the first since the acquisition, is due to open soon.

“As we grow our core business, we are also realizing the value of our new businesses, as we maximize synergies across our portfolio of fuels, lubricants, LPG, trading and supply, convenience store retailing, and asphalt. We are committed to delivering greater value to our stakeholders and being their indispensable partner,” said Phoenix Petroleum Chief Operating Officer Henry Albert Fadullon. PWKD10082018

Last modified onMonday, 13 August 2018 11:28
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