PETRON Q1 NET INCOME UP 16%

Petron Corp. saw a 16% increase in its net income for the first quarter of the year, as the company reported growth across its segments in its Philippine and Malaysian operations during the period.

In an emailed statement, Petron Corp. said its first-quarter net income grew to P3.93 billion from P3.4 billion, while its operating income rose by 21% to P10.17 billion. Consolidated revenues increased by 21% to P227.64 billion.

The company said its consolidated sales volume grew by 23% to 35.29 million barrels from 28.59 million barrels, with growth supported by higher production in the company’s refinery in Bataan and Port Dickson.

Consolidated retail sales saw an 11% increase, the same growth recorded in commercial volumes due to higher jet fuel and liquefied petroleum gas (LPG) sales. Export volumes were up 90%, on the back of higher refinery production.

“We have been strengthening our recovery and growth following the pandemic, thanks to our efficiency measures, volume strategy, and sustainability agenda,” Petron president and chief executive officer Ramon Ang said.

“We are pleased to start the new year on a strong note, and we hope to sustain this momentum as we work towards new goals this 2024,” he added.

Petron’s businesses involve the refining of crude oil, and the market and distribution of refined petroleum products such as gasoline, naphtha, LPG, diesel, jet fuel, kerosene, and petrochemicals.—AOL, GMA Integrated News

This article Petron Q1 net income up 16% was originally published in GMA News Online.

2024-05-07T06:09:13Z dg43tfdfdgfd