By Madelaine B. Miraflor
Leading independent oil company Phoenix Petroleum Philippines, Inc. netted P1.44 billion in the first nine months of the year, higher by 59 percent year-on-year, as it reaps benefits from its expansion strategies.
Excluding the non-recurring gains and expenses related to the acquisition, the firm’s core income reached P1.081 billion, higher by 9 percent year-on-year.
“The results include the impact of the newly acquired LPG business,” the company told the Philippine Stock Exchange on Monday.
Just in August, Phoenix Petroleum already completed the purchase of Petronas Energy Philippines, Inc. (PEPI).
PEPI has since been consolidated and renamed Phoenix LPG Philippines, Inc. (PLPI), a 100 percent owned subsidiary of Phoenix Petroleum.
During the period, the firm’s revenues from the core petroleum business were also up by 37 percent to R32.6 billion on the back of robust volume growth in retail, lubricants, and LPG.
As of the first nine months of 2017, the Company completed 523 Phoenix retail service stations.
It also continued to acquire new commercial direct accounts, while expanding its market share within existing accounts, including power, shipping, logistics, transportation, and manufacturing, among others.
Just last month, the Company announced the potential acquisition of Philippine FamilyMart, which holds the area franchise for FamilyMart convenience stores in the Philippines.
The transaction is still subject to the approval of the Philippine Competition Commission.