Despite these pressures, Petron stayed profitable as operating income reached P29.22 billion, close to 2023’s P30.72 billion, while net income fell 16 percent to P8.47 billion, reflecting resilience amid tough conditions.
Management’s view
“These results demonstrate our ability to adapt to market conditions while strengthening our leadership,” said Ang, the president and CEO of Petron.
“With the continued support of our customers, employees, and partners, we remain focused on sustainable growth and contributing to our country’s economic progress,” he added.
Sales surge despite market headwinds
• Consolidated sales volume increased 10 percent to 139.85 million barrels.
• Philippine operations and Singapore trading grew 16 percent, selling 92.49 million barrels.
• Market share rose to 24.9 percent in the first half of 2024, up from 23.1 percent in 2023.
• Retail sales climbed 18 percent, supported by network expansion.
• Commercial sales rose 6 percent, bolstered by aviation sector growth.
Petron Malaysia faced hurdles due to fuel subsidy policy changes, while maintenance shutdowns at Port Dickson refinery slowed production and exports.
Global oil prices remained volatile, with Dubai crude averaging $80 per barrel. Prices peaked at $89 in April before sliding to $73 by year-end, squeezing refining margins.
