MANILA, Philippines - Phoenix Petroleum Philippines, Inc., a publicly listed independent oil company reported a consolidated, net income of P412 million as of end-June, higher than the P372 million posted a year ago.
In a disclosure to the Philippine Stock Exchange (PSE), Phoenix Petroleum said higher income came from first half revenues of P18.5 billion.
The oil company attributed the rosy figures to higher retail sales.
“The improvement in the profitability was brought about by a higher contribution of retail sales volume to overall sales volume. This was driven primarily by the Company’s continuously expanding retail station network,” Phoenix said.
The company ended 2013 with 368 stations but this increased to 405 stations as of end-June. Of these stations, 220 are based in Mindanao, 55 in Visayas and 130 in Luzon.
At the same time, Phoenix said that sales to commercial accounts, primarily to the shipping, fishing, mining, power and transportation sectors, registered continuous growth during the year.
In terms of industrial clients, Phoenix Petroleum supplies more than 50 percent of Cebu Pacific’s jet fuel requirements and handles all their logistics needs in Mindanao and part of Visayas.
The company has been steadily growing its market share, hitting 5.9 percent in 2013 from 4.4 percent in 2012, according to an industry report of the Department of Energy.
Moving forward, the company said it would continue to expand its logistics and infrastructure to support both its network expansion and its commercial and industrial clients.
Its subsidiary, Chelsea Shipping Corp., recently took delivery of its 11th vessel, M/T Chelsea Donatela, which with its sister ship is the largest Philippine-registered oil tanker with a capacity of 14,000 DWT.
The arrival of the new vessel will increase the total capacity of Chelsea Shipping Corp. to 44,368 MT.
Chelsea Shipping is one of the top five petroleum tanker owners in the country, serving Phoenix Petroleum, Cebu Pacific and National Power Corp., among other companies, and sailing on local and regional seas.