Petron Corp., the oil company under the San Miguel Group, said Tuesday first-half revenue climbed 21 percent year-on-year to P444.5 billion, fueled by increased sales and a favorable retail environment in both the Philippines and Malaysia.
In the first six months this year, Petron posted sales volume of 69.1 million barrels, up 20 percent. Sales volume reached 44.4 million barrels in the Philippines, marking a 27 percent increase, while Malaysia saw a 9 percent rise, totaling 24.7 million barrels.
Retail sales grew 10 percent during the period, driven by a network of 2,600 gas stations across both countries. Additionally, sales to industrial accounts increased by 6 percent, fueled by higher demand for jet fuel and cooking gas.
Crude oil prices have been buoyed by ongoing tensions in the Middle East, with the average price rising 5 percent to USD83 per barrel in the first half of the year.
Operating income also saw an improvement, up 8 percent to P17.3 billion, benefiting from enhanced profit margins.
“Our prudent and strategic approach continues to pay off amidst challenging economic conditions,” said Ramon Ang, Petron president and CEO. “We have regained our competitive edge in crucial sectors and earned the trust of more customers. Our ongoing focus is on enhancing the quality of our products and services while delivering excellent value to our shareholders,” he added.
Petron Corp. remains a leading player in the oil industry, leveraging its extensive network and strategic market positioning to navigate fluctuating global conditions and drive growth.
