Phoenix Petroleum Philippines Inc. is bullish on growth this year after recording a 65-percent increase in net income last year to P1.792 billion from P1.092 billion in 2016
“Phoenix Petroleum’s momentum in 2017 is a result of its investments over many years in its people, products, and partnerships. We will continue to be opportunistic as we grow the business,” said Phoenix president and chief executive officer Dennis Uy.
The company reported triple all-time highs in sales volume, revenues and net income on core business.
Phoenix said core income still reached an all-time high of ₱1.421 billion, or a 30-percent increase year-on-year, taking out the non-recurring gains and costs related to the newly-acquired liquefied petroleum gas business.
The 2017 financial results include the partial consolidation of the LPG business beginning August 2017.
Phoenix’s revenues also increased 45 percent to ₱44.426 billion last year.
“The solid full year core income growth underscores the strength of the fuels business, in which sales volume increased by 17 percent to 1.76 billion liters from 1.5 billion liters in 2016,” Phoenix said.