Petron Corp. posted a net income of P4.99 billion as of end-September, a reversal of the P12.6-billion net loss a year ago, as revenues rose after the government eased lockdown restrictions.
The oil company reported stronger volume and revenues in the second and third quarters of the year. Year-to-date sales of 59.2 million barrels matched last year’s level of 59.5 million barrels.
During the period, local sales of Petron’s lubricants grew by 28 percent, retail station volume increased by 9 percent, and petrochemical exports likewise exhibited substantial growth with sales increasing by 68 percent.
As international oil prices continued to rally with Dubai crude breaching the $75 per barrel-mark in the third quarter, Petron’s consolidated revenues from its Philippine and Malaysian operations rose 35 percent to P291.57 billion from P216.43 billion a year ago.
Efforts to reduce costs and yield more savings contributed to Petron’s continued financial recovery.
“We continue to prioritize volume recovery through programs that will not only help us generate more volumes but also reward loyal customers. We have recently concluded the third wave of our Panalo Bakunado promo where we gave discounts in the form of loyalty points to vaccinated motorists aside from our already existing programs like the Super Driver Card which provides direct benefits to public transport drivers,” said Petron President Ramon S. Ang in a statement.
Through the Petron Super Driver Card loyalty program, over 300,000 public utility vehicle drivers nationwide get as much as P2 off for every liter of diesel and gasoline. This is on top of other benefits such as free medical insurance, roadside towing-assistance, e-load redemption and exclusive discounts and freebies with partner merchants extended to SDC holders.
“Despite external challenges, sustaining the financial resilience of the company has helped ensure that we have the means and the capacity to continue growing the business while providing our investors with the best returns. These include strategic investments in our service station expansion, refinery enhancements, and supply chain management. We are looking forward to ending 2021 in a much stronger and stable position than last year,” said Ang.
In October, Petron listed on the Philippine Dealing and Exchange Corp. P18 billion in fixed-rate, peso-denominated bonds, which will refinance the company’s existing debts, and fund the construction of a new power plant in Bataan set to be completed and operational next year.
Petron operates about 40 terminals in the region and has around 2,800 service stations.