Connect with us

Hi, what are you looking for?


Petron net earnings climb 10% on high fuel demand

PETRON Corp. reported a 9.8% increase in consolidated net income to P6.7 billion in 2022 from P6.1 billion in the previous year largely due to higher fuel demand.

“We’ve been consistent in our recovery, with our profits already at pre-pandemic levels over the past two years. We continue to note an increased and growing demand for our products even as we contend with pricing challenges, heavy competition, and the lingering effects of the pandemic,” Petron President and Chief Executive Officer Ramon S. Ang said in a regulatory filing on Monday.

The oil company said that despite the volatility in the market, it was able to maintain a steady sales volume from its local and international operations.

Petron said its Philippine sales volume in 2022 stood at 68.53 million barrels, 43.1% higher than the 47.9 million barrels sold in 2021; while the company saw its international sales volume increase by 37.2% to 112.81 million barrels from 82.24 million barrels.

Petron said its service station volumes in the Philippines and Malaysia increased by 26% as gasoline and diesel products remained in demand.

Commercial sales also increased by 30% driven by sales of jet fuel, liquefied petroleum gas, and polypropylene products as the production of polypropylene resumed last year.

Crude prices continued to decline in the second semester of 2022 as the global inflation rate spiked and amid fears of recession. The price of Dubai crude dropped by 31.9% to $77 per barrel in December from $113 per barrel in June, Petron said.

Petron’s operating income rose by 11.6% to P19.21 billion from P17.21 billion, which the company attributed to the optimization of its refining assets.

“With our full recovery within our reach, we’ve returned our focus on growing the business and beefing up our operational framework to ensure our continued success and sustainability,” Mr. Ang said.

In a separate disclosure on Monday, Petron said its board of directors approved the declaration of cash dividends of 10 centavos per share for common shareholders with a record date of March 20, 2023, and a payment date of April 4, 2023.

Petron is the operator of the only refinery in the country that provides 40% of local petroleum requirements. Its refinery in Bataan produces 180,000 barrels per day.

At the local bourse on Monday, shares in the company gained 36 centavos or 13.64% to end at P3 apiece. — Ashley Erika O. Jose

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



Notice of Annual Stockholders’ Meeting Please be notified that the Annual Meeting of Stockholders of Semirara Mining and Power Corporation (the “Corporation”) will be...


San Buena Farm is now able to communicate with its key accounts because of satellite broadband. In the Philippines, agricultural sector contributes 9.4% to...

Editor’s Pick

<?xml encoding=”utf-8″ ??> 2023 has been challenging for business so far, but a new poll of SMEs in England from the Join the Skills...


GENERAL view of a public market in Quezon City, Metro Manila, Philippines, Feb. 9, 2023. REUTERS/Eloisa Lopez THE WORLD BANK downgraded its growth forecast...


Sheets five-dollar bills are seen through a magnifying glass at the Bureau of Engraving and Printing in Washington March 26, 2015. —REUTERS/Gary Cameron/File Photo...


REUTERS HOUSING prices across the Philippines grew at a faster annual pace in the fourth quarter, driven by strong demand for duplex housing units and...

You May Also Like


COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...


REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...


BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...


KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.