SPI posts 27% growth in 1H 2020
HUNDRED percent Filipinoowned liquefied petroleum gas (LPG) company South Pacific Inc. has posted robust numbers in the first half of 2020 despite challenges to the global and local business communities triggered by the Covid-19 pandemic.
Gross sales were up by 27 percent or P7.75 billion up from P6.1 billion in 2019. Profit growth also registered a 13 percent uptick at P600 million. Volume growth was steady, surging at 34 percent compared to 143,000 metric tons in the same period last year. Strong VisMin operations and expansion efforts augmented the rise.
Because of its resiliency in the first half, SPI President Jun Golingay expressed optimism that the company will achieve steady growth levels, based on its sustained performance that made it clinch third biggest market share in barely five years after joining the industry.
The company attributes its resilience amid the crisis to the fact that LPG remains to be a staple in most Filipino households. Initial challenges of transport were likewise quickly addressed.
“Our supply has also remained stable despite the pandemic. Distribution of LPG to our customers encountered some hurdles at the start of the enhanced community quarantine (ECQ) at first, but when quarantine was eased and the truck ban was lifted, LPG transport ran smoothly,” Golingay said.
SPI’s terminal in Mandaue City, Cebu started operations in January 2019 with 2 X 1,000MT storage capacity with expansion in full swing. It serves not only the Island of Cebu, but neighboring islands such as Negros, Bohol, Samar, and Leyte. as well. It aims to construct five more terminals in Southern Philippines.
The North Hub terminal in San Simon Pampanga Industrial Zone boasts of a 3 X 100 MT storage capacity.