Phoenix Petroleum earns ₱ 255 million

Publicly listed Phoenix Petroleum Philippines, Inc. has logged 11-percent income jump in the first quarter to ₱ 255 million from year-ago level of ₱ 230 million.

The oil firm, which generally traced its roots from the Davao-land of presumptive President Rodrigo Duterte, noted that the profit boost was mainly propelled by volume sales growth of 56 percent for the period.

“Growth in sales volume was driven by strong performances from the retail and commercial sales segments of the company,” Phoenix Petroleum has indicated.

It expounded that retail sales expanded 22 percent, buoyed mainly by the “expansion of the company’s retail station network and improvement in same-store sales.”

The company similarly noted “the non-fuel related business (NFRB) complements the growth of the retail segment by adding more locators to various retail station sites.”

Phoenix Petroleum stressed that it “has been growing this segment as it builds bigger stations with ample spaces that can accommodate the growing needs of NFRB.” With this, it said that it has been capitalizing mainly on its branding and the good locations it cornered.

The company added that sales to commercial accounts, primarily to the power, shipping, fishing, mining and transportation sectors also posted sustained growth during the year.

One of its major industrial accounts had been Cebu Pacific – wherein it is a supplier of at least 50 percent of the airliner’s jet fuel requirements in addition to its logistics needs in Mindanao and some parts of Visayas.

The oil firm similarly emphasized that it “continues to expand its logistics (primarily shipping and transport), storage and infrastructure to support both its retail network expansion and its commercial and industrial clients.”