Philippines: Phoenix Petroleum increases market share in 2017
Phoenix Petroleum Philippines, Inc. cemented its position as the country’s leading independent oil company and emerging major as it increased its market share to 6.2% in 2017 from 5.7% the previous year.
The Department of Energy in its Oil Supply/Demand Report for 2017 shows Phoenix improving the most in market share among the top four players, reinforcing its reputation as the fastest-growing oil company in the country.
Phoenix Petroleum led other independents as it posted record volume sales in 2017. The share includes that of Petronas Energy Philippines, the LPG business acquired by Phoenix last year and which has been renamed Phoenix LPG Philippines, Inc.
“We are proud to be an emerging major in the industry today, after having started just over 15 years ago in Davao City,” said Phoenix Petroleum President and CEO Dennis Uy.
Phoenix recorded its best performing year yet in 2017 when it posted triple all-time highs in sales volume, revenues, and net income, including a net income of ₱1.79 billion, a 65% growth from ₱1.09 billion in 2016.
The local fuel retailer is strengthening its retail network with a nationwide refurbishing of stations to a better look. Early this year, Phoenix opened its 100th station that sports the new design.
In just 15 years, Phoenix Petroleum has grown from five stations in Mindanao to 530 nationwide, making it the fastest-growing oil company in the Philippines.
