Phoenix Petroleum H1 Revenue Grows 28%
Taguig—(PHStocks)—Phoenix Petroleum Philippines Inc. (PSE: PNX) announced that its consolidated revenue for the first half of 2013 increased to PhP21.8 billion, up 28% from the PhP17 billion in the first half of last year.
The growth was brought about by the 41% increase in fuel sales volume during the year.
The surge in fuel sales volume in 2013 was driven primarily by the Company’s continuously expanding retail station network. After ending 2012 with 300 stations, the Company’s network reached 343 stations as of 30 June 2013. Of these 343 stations, 203 are based in Mindanao, 41 in Visayas, and 99 in Luzon.
At the same time, sales to commercial accounts, primarily to fishing, mining, power and transportation sectors, registered a continuous significant growth during the year.
The Company’s net income increased 39.75% to PhP372.27 million from PhP266.38 the same period last year, improving earnings per share to PhP0.26 from PhP0.19.
To further increase its retail station visits and drop-in rate, the company continues to roll out stations with locator spaces. Business locators in Phoenix stations include restaurants, convenience stores, money remittance centers, car servicing shops, bank ATMs, and other establishments.
Phoenix Petroleum increased its market share from 5.4% in 2011 to around 6.5% in 2012, excluding the LPG and Export sectors.
Phoenix Petroleum is the leading independent and fastest growing oil company today with an expanding network of operations nationwide. It is engaged in the business of trading refined petroleum products and lubricants, operation of oil depots, and storage facilities, shipping/logistics and allied services.