Petron 2017 net income climbs 30%, surpasses 3,000 petrol station count
Petron Corporation, the largest oil refining and marketing company in the Philippines and a leading player in Malaysia, has reported a consolidated net income of 14.1 billion pesos (US$271 million) in 2017, 30% higher than the previous year’s earnings, fuelled by strong sales volumes.
Petron’s consolidated retail volumes grew by 8%, breaching the 3,000 service station count during the year.
According to the company, it will continue to expand its logistics and retail network in the Philippines and Malaysia to meet increasing energy needs.
“We were able to capture increased fuel demand with the robust growth in the Philippine and Malaysian economies. Underpinned by large scale infrastructure projects, we see strong demand growth in both markets over the medium-term and this bodes well for our business,” said Ramon S. Ang, Petron President and CEO.
Petron is the only Filipino oil company that ranked among the world’s top energy companies. It placed 14th among downstream oil companies in the Asia-Pacific Region.
