Phoenix Petroleum grows income 11% in first quarter

Leading independent oil company Phoenix Petroleum Philippines, Inc. (PNX.PM) posted a net income of Php 282 million in the first quarter of 2017, an 11% growth from the P255 million in the same period last year, as a result of better sales mix and higher efficiencies.

Revenues increased by 35% to Php 8.7 billion, driven by a 39% increase in fuel sales. The Company completed 515 Phoenix retail service stations as of the first quarter, with more stations being constructed to be opened this year. Phoenix also continues to acquire new direct accounts to grow its commercial business portfolio, which include power, transport, construction, aviation, and manufacturing sectors.

“Phoenix Petroleum is poised for stronger performance this year as we introduce new products and services and expand our reach. Our customers and business partners can look forward to more innovations from us as we aim to be their indispensable partners in their business and in their journeys,” said Phoenix Petroleum President and CEO Dennis Uy.

The company is expanding its supply chain assets, with new depots in Cebu and General Santos expected to be completed during the year. Further expansion is also eyed for its Calaca, Batangas terminal.