This came despite a 17 percent decline in refining margins, underscoring the strength of its core business.
Management’s view
“Our prudent and strategic approach continues to pay off amid challenging economic conditions,” Petron president and CEO Ramon S. Ang said.
“Moreover, we were able to retain our edge in vital sectors and enjoy the trust of more and more customers. Our focus remains on strengthening the quality of our products and services while creating excellent value for our stakeholders,” he added.
Robust sales
Growth during the period was driven by strong sales in the Philippines and Malaysia, totaling 69.1 million barrels, a 20 percent increase from last year’s 57.6 million barrels.
In the Philippines, sales volumes jumped 27 percent to 44.4 million barrels, while in Malaysia, volumes grew by 9 percent to 24.7 million barrels.
Retail growth
Petron’s retail segment saw a 10 percent increase, boosted by effective marketing across its 2,600 service stations. Industrial sales also rose by 9 percent, driven by higher demand for jet fuel and liquefied petroleum gas.
Petron managed to improve its overall margins despite the volatile global oil prices caused by Middle East tensions. Dubai crude averaged $83 per barrel, a 5 percent increase from last year.
