Petron's net income hits P10.1 billion in 2023, up 23%

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Business.(Business File photo)

PETRON Corp. had a robust end to 2023, posting a consolidated net income of P10.1 billion, 51 percent higher than the P6.7 billion reported in 2022.

Fueled by its wide presence and effective volume-generation strategies in the Philippines and Malaysia, the company delivered a combined sales volume of 126.9 million barrels for the year, 13 percent higher than the 112.8 million barrels sold in 2022.

The group’s strong volume performance was driven by the significant growth in its Jet Fuel and LPG sales backed by higher production at its Bataan and Port Dickson refineries.

Under its Philippine operations, Petron sold 79.5 million barrels in 2023, higher than 2022’s 68.5 million barrels.

The company fortified its leadership in the Retail, Industrial, and LPG markets supported by the sustained economic recovery and Petron’s effective marketing strategies.

Petron’s local industrial sales were driven mainly by the more than 50 percent growth in Jet Fuel as it cornered about 80 percent of the market in 2023.

Domestic LPG sales rose 26 percent year-on-year on the strength of Petron’s LPG brands, Petron Gasul and Fiesta Gas.

In the highly saturated and price-driven retail sector, sales went up by 15 percent resulting from the company’s efforts to increase the competitiveness and productivity of its service station network, which remains the widest in the country.

Overall, Petron grew its overall market share to 24.5 percent in the first half of 2023 according to the latest available data from the Department of Energy. / PR

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