Petron nearly triples profit in H1
MANILA, Philippines - Petron Corp. on Wednesday reported its net profit nearly tripled to P3 billion in the first half of 2014, on the back of higher sales volume from its operations in the Philippines and Malaysia.
In a statement, Petron said its combined sales volume increased by 8 percent to 43.1 million barrels in the January to June period, from 39.8 million barrels last year.
This brought first-half consolidated sales revenues to P258.2 billion, 18 percent higher than the P218.8 billion recorded in the first half of 2013.
In the Philippines, volumes rose 10 percent to 25.1 million barrels, as a result of its ongoing service station expansion program and improved economic activity. At present, Petron has close to 2,200 stations nationwide.
In Malaysia, volumes went up by 6 percent to 18 million barrels in the first half of 2014, on the back of its stronger network and LPG sales. Petron noted that 380 out of 550 service stations have already been converted to Petron brand.
"Our expansion, logistics, and branding initiatives have enabled us to deliver strong results across major business segments. This bodes well for the company ahead of RMP-2’s commissioning which will further boost our production and refining margins," said Petron chairman and CEO Ramon S. Ang.
Petron's $2 billion Refinery Master Plan, which allows the full conversion of the Bataan refinery’s fuel oil production to higher margin products such as gasoline and diesel, is expected to start commercial operations by 2015.
"Once RMP-2 is launched, it will unleash the full potential of our key assets in refining, distribution, and retail marketing," Ang said.