Phoenix Petroleum earnings up 65% as revenue grows 107% in first quarter of 2018
A new Phoenix station at Imelda Avenue, Cainta, Rizal. Phoenix Petroleum continues to expand its retail network with more than 530 stations nationwide. In February, the company launched its upgraded fuels powered with Phoenix PULSE Technology.
Leading independent oil company Phoenix Petroleum Philippines, Inc. continues its momentum of growth as it posted an all time high quarterly revenue of ₱18.083 billion in the first three months of 2018, up by 107% from the ₱8.727 billion of the same period last year.
The increase was driven by the 66% growth in total fuel volume sold, with major contributions from the Company’s new business segments – regional trading and supply arm PNX Petroleum Singapore Pte. Ltd. and Phoenix LPG Philippines Inc. Last year, Phoenix Petroleum acquired the local LPG business of Malaysia’s Petronas, and established the Singapore trading office.
LPG has accelerated growth, as volume increased by 11% compared to the same quarter last year.
The traditional fuels business continues to show strong organic growth, as Phoenix opened more retail stations and secured deals to supply to key accounts in the power, manufacturing, shipping, transportation, construction, and other industries.
Another new business, Philippine FamilyMart CVS, Inc., increased its same store sales by 3% since its acquisition last January. Family Mart is the country’s third largest convenience store brand, a franchise of Japan’s FamilyMart, with 65 stores mostly in NCR.
Phoenix Petroleum grew its comprehensive net income for this year’s first quarter by 65% to ₱464.75 million from ₱282.31 million for the same period of 2017. This, despite the increase in finance costs related to new business acquisitions and aggressive network expansion, and the increase in cost of sales resulting from higher oil prices.
“Our acquisitions are starting to add value, and we are realizing the synergies across our businesses, from fuels and lubricants to LPG, trading and supply, convenience store retailing, and soon, asphalt. We are looking at another banner year as we fully consolidate our new businesses and relentlessly pursue operational excellence,” said Phoenix Petroleum President and CEO Dennis Uy.
Phoenix Petroleum recently broke ground for its asphalt plant in Batangas for Phoenix Asphalt Philippines, Inc., a joint venture with Thailand’s TIPCO Asphalt and PhilAsphalt Development Corp. The new company forms part of Phoenix’s strategy to complete its petroleum product offerings and to optimize the expected growth in infrastructure spending of the government.
Phoenix Petroleum increased its market share in 2017 to 6.2% from 5.7%, the highest increase among top oil players, and cementing its standing as the leading independent.
The Company continues to expand its retail network as it opens more stations and refurbishes the look to a new and better design. Last January, it opened its 100th station that sports the new look, reflecting the company’s aspiration of becoming the next generation fuel company catering to the needs of the next generation drivers.
In February, the company launched its upgraded fuels powered with Phoenix PULSE Technology. Available in all its fuel products, Phoenix PULSE Technology is a fuel additive with advanced cleaning and protection properties for enhanced power and acceleration.
Phoenix Petroleum has also launched the Phoenix RCBC Bankard Mastercard that offers pulse-racing lifestyle rewards for motorists, such as 5% fuel rebate on Phoenix fuels.
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.