Phoenix Petroleum Philippines Inc. increased its market share to 6.2 percent last year from 5.7 percent in 2016, cementing its position as one of the country’s leading oil companies.
The Department of Energy’s Oil Supply/Demand Report for 2017 showed Phoenix’s market share ranked fourth among the oil companies, followed that of Chevron Philippines which retails the Caltex brand at 7 percent.
Petron Corp. leads the market with a 27.5-percent share while Pilipinas Shell Petroleum Corp. cornered 19.93 percent.
“We are proud to be an emerging major in the industry today, after having started just over 15 years ago in Davao City,” said Phoenix Petroleum President and chief executive officer Dennis Uy in a statement.
“As we enter the next phase of our growth, we will continue to be passionate and committed in serving our customers’ needs and growing the business. This milestone inspires us further towards our vision of being an indispensable partner to our customers and business partners,” Uy said.
Phoenix posted record volume sales in 2017, making the company one of the most aggressive oil firms in the country.
Sales volume includes that of Petronas Energy Philippines, the LPG business which Phoenix acquired last year and has been renamed Phoenix LPG Philippines Inc.
Phoenix recorded its best performing year in 2017 when it posted triple all-time highs in sales volume, revenues and net income.
The company booked a net income of ₱1.79 billion, up 65 percent from ₱1.09 billion in 2016.
Taking out the non-recurring gains and costs related to the newly-acquired LPG business, core income still reached an all-time high of ₱1.42 billion, up 30 percent from a year ago.
Revenues rose 45 percent to ₱44.43 billion, driven by a strong fuels business in which sales volume increased 17 percent to 1.76 billion liters.
Phoenix has 530 retail stations nationwide and serves a growing number of commercial and industrial accounts in power, marine, manufacturing, transportation, aviation and other industries.