Petron Corp. said Tuesday it posted a flat net income growth in the first half of 2024 to P6 billion from P6.14 billion in the same period last year.
Petron said in a statement it delivered a 21-percent growth in consolidated revenues in the six-month period to P444.5 billion from last year’s P367 billion, sustaining its positive momentum.
“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,” said Petron president and chief executive Ramon Ang.
The company continued to register strong volumes in the Philippines and Malaysia which reached 69.1 million barrels in the first six months, up 20 percent from 57.6 million barrels sold in the same period last year.
Petron said the solid volume outcome was fueled by the sustained performance of key segments, particularly retail and exports.
Petron’s sales volumes in the Philippines rose 27 percent to 44.4 million barrels, while volumes from its Malaysian operations grew 9 percent to 24.7 million barrels.
Meanwhile, Petron’s retail segment, which posted a 10-percent increase, remained a key driver of the stellar volume performance through effective marketing programs.
The Philippines and Malaysia have a combined service station network of about 2,600 outlets. Sales to industrial accounts also jumped 9 percent mainly on higher jet fuel and LPG demand.
Petron said global oil prices remained volatile because of ongoing tension in the Middle East with the price of per barrel of Dubai crude averaging $83 in the first six months, or 5-percent higher than in the same period in 2023 as producers continued to manage supply.
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