MANILA, Philippines — Oil firm Petron Corporation on Tuesday announced a significant growth in its consolidated revenues during the first half of 2024.
In a disclosure, the oil company said that its consolidated revenue for the first six months reached P444.5 billion, marking a 21% increase from the P367 billion reported during the same period in 2023.
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Petron attributed the uptick in its sales to the totaled 69.1 million barrels sold in the first six months of the year in the Philippines and Malaysia. This represents a 20% increase from the 57.6 million barrels sold during the same timeframe last year.
Petron's sales volumes in the Philippines rose by 27% to 44.4 million barrels, while Malaysian operations saw a 9% increase, reaching 24.7 million barrels.
The firm's retail segment, which saw a 10% increase, has been a major contributor to the firm’s performance, across its 2,600 service stations in the Philippines and Malaysia.
Additionally, sales to industrial accounts rose by 9%, driven primarily by increased demand for jet fuel and LPG, according to Petron.
"Our prudent and strategic approach continues to pay off amid challenging economic conditions. Moreover, we were able to retain our edge in vital sectors and enjoy the trust of more and more customers. Our focus remains on strengthening the quality of our products and services while creating excellent value for our stakeholders.," Petron president and CEO Ramon Ang said in a statement.
Meanwhile, global oil prices remained unstable due to ongoing tensions in the Middle East, with the price per barrel of Dubai crude averaging $83 in the first six months, reflecting a 5% increase from the same period in 2023 as producers worked to manage supply.
Even though refining cracks decreased by 17% compared to last year, Petron's overall profit margins improved, leading to an 8% increase in consolidated operating income, which reached P17.3 billion, according to the firm.
In the first quarter of 2024, Petron’s net income went up by P3.93 billion coming from the P3.4 billion in the same quarter last year also due to sales volume.
As of Dec. 31, 2022, Petron had more than 1,900 retail service stations and various LPG dealerships, stores and franchises and lube outlets in the Philippines, according to the Securities and Exchange Commission.