Malaysian operations boost Petron’s 2013 profit

MANILA, Philippines – Oil retailer Petron Corporation’s 2013 net income jumped 186% to P5.1 billion from P1.78 billion in 2012, buoyed by higher sales in the Philippines and Malaysia.

Petron said its sales volume grew 10% to 81.5 million barrels from 74.3 million barrels following the full consolidation of its Malaysian operations.

As a result, revenues jumped 9% to P463.6 billion in 2013 from P424.8 billion in 2012.

In 2012, Petron acquired Esso Malaysia Berhad, which was controlled by Exxon Mobile. Petron has so far rebranded over 300 out of 555 Esso stations in Malaysia. The rebranding program will be completed by the end of this year. The company also put up 10 new stations and expects to build 30 more to cater to Malaysian consumers. (READ: Petron earmarks $2B for Malaysia expansion)

In the Philippines, Petron’s $2-billion Refinery Masterplan Phase 2 or RMP-2, the single biggest investment by a Philippine company, is nearing full completion.

RMP-2 is a game-changing initiative that allows the full utilization of the 180,000 barrels/day capacity of Petron’s Bataan refinery.

It also allows the refinery to significantly increase its production of high-value white products and petrochemicals. Once finished, Petron will be the only oil company capable of locally producing a full range of Euro-4-compliant fuels. RMP-2 will be in full commercial operations by 2015.

“Amid a year marked by volatility and intense competition, we sustained our leadership and delivered robust results. More importantly, we remained focused on major projects aimed at unleashing the full potential of our Bataan refinery and increasing our market presence,” Petron chairman and CEO Ramon Ang said.

“The benefits of these projects will not only have a positive impact on Petron but to the country as well. We are poised to support the Philippines’ growing demand for quality fuels and petrochemicals,” he added.

On Monday, March 24, Petron implemented the following price adjustments: P0.45 per liter rollback for gasoline, P0.10/liter rollback for kerosene, and a P0.10/liter increase for diesel.