Phoenix Petroleum (PSE: PNX) remained the third largest player in market share in 2020. Amidst the industry contraction, the Company’s market share as of end of 2020 rose to 7.1% from 6.9% in the first half on the back of the strong recovery of its core business in retail, LPG, and commercial and B2B.
The Company is off to a brisk start in 2021 with a reported PhP121.3 million net income in the first quarter versus a PhP386.3 million loss in the same period last year. Overall volume was 43% higher year-on-year supported by the fast-growing LPG cylinder business and the strong rebound in the commercial and other B2B segments.
In line with the Company’s strategic priority of growing its Phoenix Super LPG cylinder business, LPG cylinder volume was up 15% year-on-year nationwide, with Luzon and VisMin growing by 53% and 11%, respectively. Cylinders accounted for almost two-thirds of the business in the first quarter. Meanwhile, sales to the lower margin LPG segments were pulled back, resulting in a 13% decline in overall LPG volume.
Domestic volume reached 93% of pre-COVID levels despite a muted beginning this year with the resurgence of COVID infections and the subsequent community quarantines. This has since further improved based on initial Q2 results.
“Our April results, despite the quarantines, exceeded pre-COVID levels for the first time. While this is very encouraging, we remain cautious and thus committed to our priorities of providing the best offer to our customers, operational excellence, and accelerating growth,” said Phoenix Petroleum President Henry Albert R. Fadullon.