Petron starts 2022 strong, more than doubles profit to P3.6B
Power

Petron starts 2022 strong, more than doubles profit to P3.6B

Bilyonaryo Ramon Ang-led Petron Corp. saw its first quarter earnings grow more than two-fold to P3.6 billion as demand spiked and international prices continued to rise.

Consolidated revenues surged to P172.3 billion, more than double the P83.3 billion recorded last year.

“Our efforts to increase our financial resilience, improve our efficiencies, and strengthen our brand equity have all yielded positive results. Two years into this pandemic, we now find ourselves in a position of renewed strength and confidence as we continue to navigate the industry with the same caution and prudence that helped us turn our financial performance around,” said Petron president and CEO Ramon S. Ang.

During the quarter, Dubai crude reached an average of $95.6 per barrel due to geopolitical tension and supply concerns triggered by the Russia-Ukraine conflict.

Sales volumes from the Philippines, Malaysia, and Singapore grew 34 percent to 25.67 million barrels due to higher demand and the easing of mobility restrictions.

Petron’s retail segment in the Philippines marked a seven percent hike while its commercial volumes, including sales of its jet fuels and lubricant products jumped by almost 50 percent in line with increased economic activity and gradual resumption of local and international travels.

Petrochemical volumes rose 30 percent brought about by the increased demand for resin used for PPEs and online deliveries.

 

Leave a Comment

15 − 2 =

This site uses Akismet to reduce spam. Learn how your comment data is processed.