Petron sustains recovery; posts P4.99B net income for first nine months from P12.6B loss last year

Petron Corporation continues to show recovery amid the pandemic as its volume and revenues remained on the uptrend in the second and third quarters of the year despite the re-imposition of mobility restrictions.

YTD September consolidated sales of 59.2 million barrels matched last year’s level of 59.5 million barrels in spite of the sustained quarantine lockdowns of 2021. The performance of key trades in the country showed improvements versus a year ago with local sales of Petron’s lubricants growing by 28% for the period. Retail station volume posted a 9% increase even as the government re-imposed stricter quarantine protocols to contain another surge of COVID-19 infections. Petrochemical exports likewise exhibited substantial growth with YTD September 2021 sales increasing by 68% versus 2020 volume.

As international oil prices continued to rally with Dubai crude breaching the $75 per barrel-mark in the third quarter, Petron’s consolidated revenues from its Philippine and Malaysian operations rose 35% to P291.57 billion from P216.43 billion a year ago.

Efforts to reduce costs and yield more savings contributed to Petron’s continued financial recovery. The company ended the first nine months with a consolidated net income of P4.99 billion, reversing the P12.6 billion net loss it incurred in the same period last year.

“We continue to prioritize volume recovery through programs that will not only help us generate more volumes but also reward loyal customers. We have recently concluded the third wave of our Panalo Bakunado promo where we gave discounts in the form of loyalty points to vaccinated motorists aside from our already existing programs like the Super Driver Card which provides direct benefits to public transport drivers,” said Petron President and CEO Ramon S. Ang.

Through the Petron Super Driver Card (SDC) loyalty program, over 300,000 PUV drivers nationwide get as much as P2 off for every liter of diesel and gasoline. This is on top of other benefits such as free medical insurance, roadside towing-assistance, e-load redemption and exclusive discounts and freebies with partner merchants extended to SDC holders.

“Despite external challenges, sustaining the financial resilience of the company has helped ensure that we have the means and the capacity to continue growing the business while providing our investors with the best returns. These include strategic investments in our service station expansion, refinery enhancements, and supply chain management. We are looking forward to ending 2021 in a much stronger and stable position than last year,” added Ang.

In October, Petron listed on the Philippine Dealing and Exchange Corp. (PDEx) P18 billion in fixed-rate, peso-denominated bonds, which will refinance the company’s existing debts, and fund the construction of a new power plant in Bataan set to be completed and operational next year.