The company weathered volatile global markets, Dubai crude dropped 14 percent year-on-year to average $72 per barrel, while retail volumes in the Philippines jumped 13 percent.
Earnings slowed down from the past year, when it reported a net income of P6 billion in the first semester of 2024.
Headline figures
• Revenues fell 13 percent to P386.4 billion due to lower oil prices and weaker Singapore trading.
• Sales volumes rose 3 percent to 56.2 million barrels, driven by strong Philippine demand.
• Petron raised P32 billion via bonds, with the offer 1.3x oversubscribed to fund growth and debt redemption.
Management’s view
“Our results continue to reflect our resilience in overcoming market challenges, while highlighting the strength of the Petron brand across different customers and industries,” said Ang, the president and CEO of Petron.
“We remain confident in our ability to drive growth as we further enhance our operations towards greater efficiency and sustainability,” he added.
Edited by Miguel R. Camus
