Phoenix Petroleum Philippines Inc. on Wednesday reported a turnaround in its financial situation to book a net income of P121.3 million in the first quarter from a P386-million net loss in the same period last year.
Phoenix said in a disclosure to the stock exchange overall volume was 43 percent higher year-on-year, supported by the fast-growing liquefied petroleum gas cylinder business and the strong rebound in the commercial and other B2B segments.
“Our April results, despite the quarantines, exceeded pre-COVID levels for the first time. While this is very encouraging, we remain cautious and thus committed to our priorities of providing the best offer to our customers, operational excellence, and accelerating growth,” said Phoenix Petroleum president Henry Albert Fadullon.
Phoenix said it remained the third largest oil player in 2020. The company’s market share as of end-2020 rose to 7.1 percent from 6.9 percent in the first half last year on the back of the strong recovery of core business in retail, LPG and commercial and B2B based on internal data and information provided by the Department of Energy.
“We are proud to grow our market share even in the most difficult times. We are grateful and inspired by the whole team for their hard work and dedication, our customers who continue to trust in the brand and our business and financial partners who supported us in the true spirit of Bayanihan. Our aspirations for growth have not changed and this crisis has only made us leaner, more focused and stronger as a company,” said Fadullon.
Volume from subsidiaries overseas more than doubled during the period, it said. The overseas business, led by the trading subsidiary in Singapore, remained robust in the first quarter. Meanwhile, the LPG operations in Vietnam eased following the consecutive triple-digit growth in the prior quarters.
Phoenix Super LPG cylinder volume was up 15 percent year-on-year nationwide, with Luzon and Visayas-Mindanao growing by 53 percent and 11 percent, respectively.
The company said cylinders accounted for almost two-thirds of the business in the first quarter.
Meanwhile, sales to the lower-margin LPG segments pulled back, resulting in a 13-percent decline in overall LPG volume.
Domestic volume is now 93 percent of pre-COVID levels despite a muted beginning this year with the resurgence of COVID infections and the subsequent community quarantines.
Phoenix said it continued to deliver on its operational and capital commitment to simplify operations, free up resources and improve efficiency.