Petron Corp. saw its consolidated net income in the first semester surge 56 percent year-on-year to P8.2 billion this year from P5.3 billion last year, despite supply issues brought about by refinery maintenance.
The oil refiner and retailer said in the first half of 2017, it saw its crude oil inventory go down while its Bataan refinery went through a 45-day maintenance shutdown, scheduled as part of a 10-year inspection program.
“With our upgraded refining capabilities, we derived more value and produced more profitable products,” Petron president and chief executive Ramon S. Ang said in a statement.
“This is strongly complemented by our extensive expansion efforts in both our logistics and retail businesses,” Ang said.
He said the strong showing during the first semester of the year was driven by a deliberate focus on more profitable segments and improved refinery production yields, while sustaining sales volumes.
With volumes reaching record levels in 2016, Petron sold a total of 52.9 million barrels of products in the Philippines and Malaysia or just about the same as the level in the same period last year of 52.6 million barrels.
Petron has a combined retail network of about 2,900 service stations, of which more than a fifth or about 600 are in Malaysia.
With petrochemical sales revving up by 78 percent year-on-year, Petron saw consolidated sales revenue jump 28 percent to P207 billion in the six months to June.
Also, operating income leaped 27 percent year-on-year to P14.6 billion from P11.5 billion.
In both the Philippines and Malaysia, Petron is building “dozens” of service stations.
“With the country’s economy growing at a rapid pace, we are expanding our facilities not just for the needs of today but also to ensure a reliable and continuous supply of quality fuels for tomorrow,” Ang said.
“Our expansion projects mean more employment opportunities and economic activity, which help in nation-building,” he added.