Publicly-listed leading independent oil company Phoenix Petroleum Philippines, Inc. (PNX.PS) announced today a 33% growth in net income during the first half of the year compared to the same period in 2015. This is a result of the 46% increase in fuels sales volume year on year.
The growth in fuels sales volume was driven by a 26% growth in its retail station sales and a 59% growth in commercial, industrial, and aviation segment sales.
This is a direct result of its strategy to focus expansion in the retail station network, and the increase in same-store sales and retail station efficiency by 14%. The Phoenix retail station network grew from 454 stations at the end of 2015 to 489 stations nationwide as of June 30, 2016. The company has started to roll out its new visual manifestation in new stations, featuring a modern and clean look.
Sales to commercial accounts, primarily to the aviation, power, shipping, fishing, mining, and transportation sectors, registered a continuous growth during the year.
The Company continues to expand its logistics (shipping & land transport), storage and infrastructure to support both its retail network expansion and its commercial and industrial clients. Two new tanker vessels and a number of road fuel tankers were added to the fleet during the first half of the year to serve both internal and external requirements.
The non-fuel related business (NFRB) complements the growth of the retail segment by adding more locators to various retail station sites. The Company has been growing this segment as it builds bigger stations with ample spaces that can accommodate the growing needs of NFRB by capitalizing on the company’s brand and the stations’ good location.
During the second quarter, the Company embarked on a Php 200-million worth of shares buy-back program, in which Php 26 million worth has been consummated as of June 30, 2016.
Phoenix Petroleum is the fastest growing oil company today with an expanding network of operations nationwide. It is engaged in the business of trading refined petroleum products and lubricants, operation of oil depots and storage facilities, shipping/logistics and allied services.