Earnings of Phoenix Petroleum Philippines Inc. before interest, depreciation and appreciation grew 41 percent year-on-year in 2021 to P3.5 billion amid solid liquefied petroleum gas performance, consistent volume growth in its commercial and overseas sales and recovering retail volume, a top executive said Wednesday.
“Our trend of delivering healthy EBITDA demonstrates our commitment to prudent management of resources and our ongoing momentum across our businesses and diversified portfolio which saw strong support from our customers and partners,” said Phoenix president Henry Albert Fadullon.
Fadullon said operating income went up 87 percent to P2.3 billion in 2021, as the company delivered double-digit sales growth compared to the same period last year as operating expenses were kept in check.
He said despite the challenges in new cases and emerging geopolitical risks that drive volatility in global oil prices, Phoenix benefited from strong domestic volume from improving quarterly retail performance and new canister business in LPG.
“The combination of an improved operating earnings performance underpinned by continued debt reduction and the resilience of our businesses backed by active management of our inventories and receivables, help us mitigate the impact on demand and working capital,” said Fadullon.
“These further establish our position as a leading independent oil company that provides retail fuels and business-to-business services and offerings that cater to our customers and partners,” he said.
Phoenix operates close to 700 retail outlets nationwide and expanded to other businesses including terminaling and hauling services, asphalt, car repair and maintenance, FamilyMart convenience stores and digital transactions.
Phoenix also has an overseas presence in Singapore, Vietnam and Indonesia.