earnings reports

Petron sustains recovery with P4.99-billion profit

Aika Rey

RECOVERY. A fuel pump at a Petron gas station.

Rappler

Petron's consolidated revenues grow 35% to P291.57 billion from January to September, as international oil prices breach $75 per barrel

Ramon Ang-led Petron Corporation sustained its growth momentum, netting P4.99 billion from January to September 2021.

In a disclosure to the local bourse, Petron said this is a reversal of its P12.6-billion loss in the same period in 2020.

The oil giant’s year-to-date sales reached 59.2 million barrels, inching down from 59.5 million a year ago.

Despite lower sales, international oil prices during the third quarter breached $75 per barrel. This resulted in higher consolidated revenues from the company’s Philippine and Malaysian operations – growing 35% to P291.57 billion from P216.43 billion in the same period in 2020.

Local sales of lubricants grew 28%, according to Petron, while the retail station volume was 9% higher despite the reimposition of lockdowns from late March to April and in August.

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“Despite external challenges, sustaining the financial resilience of the company has helped ensure that we have the means and the capacity to continue growing the business while providing our investors with the best returns,” said Ang, Petron president and chief executive officer.

“These include strategic investments in our service station expansion, refinery enhancements, and supply chain management. We are looking forward to ending 2021 in a much stronger and stable position than last year,” he added.

In October, Petron listed P18 billion in fixed-rate, peso-denominated bonds through the Philippine Dealing and Exchange Corporation, to finance its existing debts and fund the construction of a new power plant in Bataan set to be operational in 2022. – Rappler.com

Aika Rey

Aika Rey is a business reporter for Rappler. She covered the Senate of the Philippines before fully diving into numbers and companies. Got tips? Find her on Twitter at @reyaika or shoot her an email at aika.rey@rappler.com.