Industry leader Petron Corp. posted a 64 percent jump in its consolidated net income for the first nine months to P8.2 billion.
“Despite uncertainties from geopolitical conflicts affecting the industry, we are pleased to note that our recovery is still on track. We are working hard so we can end the year strong and remain committed to providing consumers and industries quality fuel products they need,” said Petron president and CEO Ramon S. Ang.
Combined sales volume from Petron’s Philippines and Malaysian operations as well as the group’s Singapore trading subsidiary grew 37 percent to 80.4 million barrels.
This reflected higher fuel demand during the period.
In the Philippines, total sales volume grew by nearly 30%.
Average price per barrel of Dubai crude dipped by $11 per barrel to US$96.88 in the third quarter due to recession fears.
Petron said that despite the correction in the third quarter, prices of finished fuel products remained elevated compared to last year.
Together with the volume increase, Petron chalked up revenues of P631.1 billion, more than double last year’s P291.6 billion.
Operating income stood strong at P16.5 billion, 23 percent more than the P13.4 billion recorded in 2021.
These improvements, however, were tempered by the increase in financing cost due to the unprecedented strengthening of US dollars against the peso and the successive hikes in interest rates.
Petron is the Philippines’ largest oil company, operating the only remaining refinery that is capable of providing nearly 40 percent of the country’s petroleum requirements.
Petron operates a 180,000 barrel-per-day refinery in Bataan, 30 terminals, and over 2,000 service stations nationwide.
It recently obtained the go-signal from its shareholders to allow the company to construct and operate a coco-methyl ester plant and to proceed with securing the relevant permits.