Petron profit slides to P5.4 billion in 9 months
Oil giant Petron Corp. remained profitable despite persistent market headwinds, but its earnings nearly halved to P5.4 billion from January to September.
Petron Corp., the Philippines' largest oil company, maintained profitability despite a steep decline in net income to P5.4 billion over the first nine months of the year. This marks a 44% drop compared to P9.7 billion in the same period a year earlier. The earnings dip was driven by a 56% surge in revenues to P928.2 billion from P594.9 billion, fueled by higher oil prices and increased sales volume.
However, Petron faced higher crude costs, import premiums, and shipping expenses due to tensions in the Middle East. The company also encountered narrower refining margins in Malaysia, further impacting its profitability. Despite these challenges, Petron chairman and CEO Ramon Ang expressed confidence in the company's resilience, attributing it to its diversified portfolio, financial discipline, and robust risk management.
The company operates the Port Dickson Refinery in Malaysia and the Petron Bataan Refinery, the Philippines' sole remaining oil refinery. During this period, combined sales volume in the Philippines and Malaysia shrank by 3% year-on-year to 82 million barrels, even as consolidated sales volume increased by 3% to 103.5 million barrels, including sales from the company's Singapore-based trading arm.
Petron continues to prioritize fuel security, customer needs, and its role as the nation's energy backbone, with plans to expand its non-fuel business, including the opening of its fourth Treats convenience store at Ninoy Aquino International Airport.
Written by urgent.news from Philippine Star Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
