MANILA, Philippines - Independent oil company Phoenix Petroleum Philippines posted a "record" net income of P510 million in 2011, 19% higher than the previous year.

In a statement, the company said it registered P27.47 billion in consolidated revenues for 2011, an  86% rise over P14.79 billion in 2010.  Phoenix attributed the growth in revenues to the more than doubling of fuel sales volume and a 22% average increase in fuel selling prices compared to 2010, due to higher crude prices and product sales mix.

Phoenix expanded its retail station network significantly in 2011, with 220 stations at the end of 2011. The bulkof the stations (151) are in Mindanao, while there are 58 in Luzon and 11 in Visayas.

Phoenix said it increased its overall market share from 3.2% in 2010 to 5.33% in 2011, excluding LPG and export sectors. 

"The Company expects to sustain its growth momentum into 2012-2013 with further investments in retail stations and depots in key trade areas. Accompanying this growth will be the expansion of its markets for lubricants and other automotive chemicals, as well as further building on the initial successes of its Phoenix Fuels Life brand awareness efforts," it said.

The company continued to invest in its retail, depot facilities and logistics infrastructure in 2011, which brought its total resources to P10.5 billion. This includes an installation near Cagayan de Oro, which was inaugurated in November, as well as the completion of the expansion and improvements of its installations in Calaca, Batangas and Davao City.