Petron posts P3.93 billion net income in first quarter of 2024

Business.
Business.(Business File photo)

PETRON Corp. delivered a strong performance in the first quarter of 2024, with its net income growing by 16 percent to P3.93 billion from P3.4 billion in the same period last year.

Broad-based growth was recorded across all business segments in Petron’s Philippine and Malaysian operations, bringing its consolidated sales volume to 35.29 million barrels, 23 percent higher than 2023’s 28.59 million barrels.

The sales volume growth was supported by higher production at Petron’s refinery in Bataan and Port Dickson.

Consolidated retail sales were up 11 percent driven by the sustained market recovery and Petron’s effective retail execution, while commercial volumes similarly rose 11 percent mainly on the substantial jump in jet fuel and LPG sales. Export volumes also grew considerably by over 90 percent from the additional export volumes resulting from higher refinery production.

Notably, the company’s sales volume under the umbrella of its Philippine operations, which includes the trading volume of the company’s subsidiary in Singapore, recorded a 28 percent growth to 22.72 million barrels from 17.7 million barrels in 2023. / PR

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