Phoenix Petroleum Philippines said Thursday net income declined 46 percent last year to P1.494 billion from P2.767 billion in 2018.
The company said in a disclosure to the stock exchange revenues went up to P97.82 billion in 2019 from P88.61 billion in 2018. Cost of sales and services also went up to P86.81 billion from P78.84 billion in 2018.
Phoenix committed more than P6 billion for expansion on petroleum retail network, depot, terminalling and logistics facilities, information technology infrastructure and other major expansions related to its business development.
The group has a network of 655 operating retail service stations and another 55 retail service stations were under stages of completion as of Dec. 31, 2019.
Phoenix, controlled by businessman Dennis Uy is one of the country’s most aggressive oil players, having expanded to several business ventures in recent years.