Petron Corp. reported a 9 percent increase in consolidated net income for 2022 totaling P6.7 billion from only P6.1 billion the previous year.
The company attributed the growth to higher sales volume from its local and international operations.
Petron sales for the period aggregated 112.81 million barrels, a 37 percent surge from 2021’s 82.24 million barrels. In the Philippines alone, the company sold 68.53 million barrels, 43 percent higher than 2021’s 47.9 million barrels.
During the year, Petron ramped up its refinery production to take advantage of favorable refining conditions although this development was partly countered by more expensive crude and finished product import costs and escalated financing cost due to higher working capital requirement and higher borrowing costs.
“We’ve been consistent in our recovery, with our profits already at pre-pandemic levels over the past two years. We continue to note an increased and growing demand for our products even as we contend with pricing challenges, heavy competition and the lingering effects of the pandemic. With our full recovery within our reach, we’ve returned our focus on growing the business and beefing up our operational framework to ensure our continued success and sustainability,” said Ramon Ang, Petron president and chief executive officer, in a statement.
Petron is set to build and operate its own coco-methyl ester plant to eliminate dependence on third-party suppliers and provide higher margins for its diesel product.
