The Philippines’ leading oil refining and marketing company Petron Corporation reported a
consolidated net income of P14.1 billion in 2017, 30% higher than the previous year’s earnings
of P10.8 billion.
Consolidated sales revenues grew by 26% to P434.6 billion in 2017 from P343.8 billion the
previous year. Operating income increased by 16% to P27.6 billion during the period.
This was fueled by strong sales volumes and continued focus on high-value segments in its
Philippines and Malaysia operations. Coming from a record-breaking 105.7 million barrels sold
in 2016, consolidated sales volumes grew to 107.8 million in 2017.
Consolidated retail volumes grew by 8% as the company continued to expand in this highly
competitive segment, breaching the 3,000 service station count during the year.
Sales of high-margin products such as gasoline, Jet A-1, and lubricants grew by double digits in
2017. Early last year, Petron launched the first and only Euro 6 fuel in the Philippine market –
Blaze 100 Euro 6 – which is the best gasoline in the country. Lubricants such as Blaze Racing
helped grow this business by 15%. Both products were put to the ultimate test as the official
fuel and engine oil in the Formula 4 South East Asia Championships held in Malaysia, Thailand,
and the Philippines.
The company added that sales would have been much higher if not for scheduled maintenance
turnarounds in both its 180,000 barrel-per-day Bataan refinery and its 88,000 barrel-per-day Port
Dickson refinery in Malaysia. Petrochemicals (e.g. propylene) provided good margins and additional revenue as volumes
grew by 9%.
The company is also expanding its logistics and retail network in both countries to meet more
demand.
“We were able to capture increased fuel demand with the robust growth in the Philippine and
Malaysian economies. Underpinned by large scale infrastructure projects, we see strong
demand growth in both markets over the medium-term and this bodes well for our business,”
Petron President and CEO Ramon S. Ang said.
“Even with our strong presence backed by our unmatched logistics and production capabilities,
we are committed to invest more and help secure the country’s energy needs,” Mr. Ang added.
Petron ranked among the world’s top energy companies in a recent survey conducted by a
global information agency and was the only Filipino oil company to make it to this prestigious
list. It placed 14th among downstream oil companies in the Asia-Pacific Region.