Phoenix Petroleum sustained its growth in the first nine months of 2018 led by volume gains and higher net income during the period. Excluding one-off items related to the acquisition of the LPG business in 2017, core earnings were higher by 27% at ₱1.32 billion. Market share was steady at 7.1% based on the Department of Energy report as of first half of 2018.
Revenues doubled to ₱64.96 billion in the first nine months as volume of petroleum products sold grew by 51% year-on-year to a record-high of 2.02 billion liters. This was compounded by the rise in benchmark crude as well as the imposition of the new excise tax rates starting January 2018.
The domestic business increased volume by 12% driven by fuels and LPG, which rose by 11% and 23%, respectively. Breaking barriers and opening new markets for Phoenix, trading operations at PNX Petroleum Singapore Pte Ltd. added more than 500 million liters, accounting for over a quarter of consolidated volume sales.
Post acquisition, the convenience store retailing business, through Philippine FamilyMart CVS, Inc., has grown average daily sales by 21% driven by the launch of the Generation 2 store concept, which is food service-centric and features a bigger dining area and wider selection of food offerings.
Current store count is at 71 with 6 new stores opened since January 2018. Of the new stores, 4 are on board Starlite Ferries vessels, including a full store in Starlite’s MV Salve Regina that services the Batangas-Caticlan route. Soon, FamilyMart will be in Phoenix stations with 5 stores expected to be opened by yearend.
“In this highly dynamic operating environment, we continue to recognize opportunities. We are broadening our products and services – fuels, LPG, convenience stores, payments, and soon, asphalt – developing credible and compelling offers that create value for our consumers, partners, and shareholders.” said Phoenix Petroleum Chief Operating Officer Henry Albert Fadullon.
Phoenix has opened 558 stations nationwide and continues to strengthen its position in commercial with key account wins in marine and road transport. To cater to the expected growth in domestic tourism, it has expanded its fueling services to 18 domestic airports, providing one of the most extensive footprints in the industry.
About Phoenix Petroleum
Phoenix Petroleum is engaged in the nationwide trading and marketing of refined petroleum products, including LPG and lubricants, operation of oil depots and storage facilities, hauling and into-plane services; convenience store retailing; and trading and supply.
With its vision to be an indispensable partner in the journey of everyone whose life we touch, Phoenix Petroleum is committed to deliver world-class services, empower people, and inspire every Filipino’s entrepreneurial spirit.