Petron profit slides to P5.4 billion in 9 months

MANILA, Philippines — Oil giant Petron Corp. remained profitable despite persistent market headwinds, but its earnings nearly halved to P5.4 billion from January to September.

The country’s largest oil company reported a 44-percent drop in net income during the nine-month period from P9.7 billion a year earlier.

The decline came despite a 56-percent jump in revenues to P928.2 billion from P594.9 billion, driven by higher oil prices and increased sales volume.

Petron’s nine-month results were weighed down by higher crude costs, import premiums and freight charges amid heightened tensions in the Middle East.

The company also faced narrower refining margins in Malaysia, further squeezing its profitability.

“Our diversified portfolio, financial discipline and robust risk management equip us with the resilience needed to navigate these challenging times while still keeping our business viable and competitive,” Petron chairman and CEO Ramon Ang said.

The oil firm operates the Port Dickson Refinery in Malaysia and the Petron Bataan Refinery, the Philippines’ only remaining oil refinery.

From January to September, combined sales volume in the Philippines and Malaysia fell by three percent year-on-year to 82 million barrels amid lower refinery output.

Including sales from its Singapore-based regional trading arm, Petron saw consolidated sales volume edge three percent higher to 103.5 million barrels.

“Despite external pressures, our commitment to help ensure fuel security, meet the needs of our customers and fulfill our responsibility as the nation’s energy backbone remains strong and unwavering,” Ang said.

Beyond its core operations, Petron is also looking to sustain growth by expanding its non-fuel business.

As part of this push, the company recently opened its fourth Treats convenience store at the Ninoy Aquino International Airport.