Phoenix Petroleum increases market share

PHOENIX Petroleum Philippines, Inc. cemented its position as the country’s leading independent oil company and emerging major as it increased its market share to 6.2% in 2017 from 5.7% the previous year.

The Department of Energy in its Oil Supply/Demand Report for 2017 also shows Phoenix improving the most in market share among the top four players, reinforcing its reputation as the fastest-growing oil company in the country.

Phoenix Petroleum led other independents as it posted record volume sales in 2017. The share includes that of Petronas Energy Philippines, the LPG business acquired by Phoenix last year and which has been renamed Phoenix LPG Philippines, Inc.

“We are proud to be an emerging major in the industry today, after having started just over 15 years ago in Davao City,” said Phoenix Petroleum President and CEO Dennis Uy.

He added, “As we enter the next phase of our growth, we will continue to be passionate and committed in serving our customers’ needs and growing the business. This milestone inspires us further towards our vision of being an indispensable partner to our customers and business partners.”

Phoenix recorded its best performing year yet in 2017 when it posted triple all-time highs in sales volume, revenues, and net income.

The Company recorded a net income of P1.79 billion, a 65% growth from P1.09 billion in 2016. Taking out the nonrecurring gains and costs related to the newly-acquired LPG business, core income still reached an all-time high of P1.42 billion, a 30% increase year-on-year.

Revenues grew 45% to P44.43 billion, driven by a strong fuels business in which sales volume increased by 17% to P1.76 billion liters. Phoenix has 530 retail stations nationwide and serves a growing number of commercial and industrial accounts in power, marine, manufacturing, transportation, aviation, and other industries.