Phoenix Petroleum Q3 net income jumps 10%

PHOENIX Petroleum Philippines, Inc. reported a 19% increase in net income as of the third quarter to P903.8 million, steered by a double-digit growth in fuel sales during the period, the company told the stock exchange on Monday.

In its disclosure, Phoenix Petroleum said the profit growth, from P758.4 million in the same period last year, came after a 38% increase in fuel sales, which in turn was driven by an 18% rise in retail station sales and a 41% growth in the sales of its commercial, industrial and aviation business segments.

The company said the jump in sales was a “direct result” of its “strategy to focus expansion in the retail station network, and the increase in same-store sales by 6.4%.”

As of Sept. 30, the oil company completed 495 stations, or an increase of 41 from 454 stations as of end-2015.

Its commercial accounts — mainly aviation, power, shipping, fishing, mining and transport sectors — recorded continuous growth so far this year, the company said but did not give details.

The company has continued to expand logistics in shipping and land transport, storage and infrastructure to back its retail network reach and commercial and industrial customers.

“Two new tanker vessels and a number of road fuel tankers were added to the fleet during the first half of the year to serve both internal and external requirements,” the company said.

Phoenix Petroleum’s non-fuel business has added more locators to retail station sites, complementing the growth of its retail business segment. The company has been building bigger stations with enough space to take in non-fuel products “by capitalizing on the company’s brand and the stations’ good location,” it added.

The company trades refined petroleum products and lubricants, operation of oil depots and storage facilities, shipping and logistics, and allied services.

On Monday, shares in Phoenix Petroleum closed 0.86% higher to P5.88 each. —