Philippines: Phoenix Petroleum posts $28m net income in 2017
Leading independent oil company Phoenix Petroleum Philippines, Inc. posted net income of ₱1.437 billion ($28 million) in the first nine months of 2017, a 59% increase compared to last year.
The results include the impact of the newly-acquired LPG business. Excluding the non-recurring gains and expenses related to the acquisition, core income reached ₱1.081 billion ($21b), higher by 9% year-on-year.
Revenues from the core petroleum business during the period were up 37% to ₱32.6 billion ($636m) on the back of robust volume growth in retail, lubricants, and LPG.
The company completed 523 Phoenix retail service stations as of the first nine months of 2017. It also continued to acquire new commercial direct accounts, while expanding its market share within existing accounts, including power, shipping, logistics, transportation, and manufacturing, among others.
“Phoenix Petroleum’s strong performance in the third quarter shows our commitment to growing the business through customer focus, operational excellence, and acquisition of complementary businesses,” said President and CEO Dennis Uy.
On October 30, the Phoenix Petroleum announced the potential acquisition of Philippine FamilyMart, which holds the area franchise for FamilyMart convenience stores in the Philippines.
