Petron nearly triples profit to P5.1-B

Posted at 03/24/2014 3:03 PM | Updated as of 03/24/2014 3:03 PM

MANILA, Philippines – Petron Corp. on Monday said it nearly tripled its consolidated net income to P5.1 billion in 2013, from 2012’s P1.78 billion income.

The oil firm attributed the big improvement to higher sales volumes for its operations in the Philippines and Malaysia.

Petron said its sales volume jumped 10% last year due to the full consolidation of Petron Malaysia, which resulted to a 9% growth in revenues to P463.6 billion in 2013 from P424.8 billion in 2012.

The company also maintained its market leadership with an overall share of nearly 37%, driven mainly by its network expansion program.

Petron added more than 200 service stations nationwide in 2013 to end the year with a total of 2,200 stations.

It also introduced last year Petron Blaze 100 Euro-4, the country’s “first premium plus gasoline.”

“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 chief executive Ramon Ang said in a statement.

Petron has also rebranded over 300 out of 555 stations and opened 10 new stations in Malaysia as part of its rebranding and expansion program.

The company said it expects to put up 30 more stations in Malaysia this year.