Publicly listed oil firm Petron Corp. on Monday reported a 9% increase in its net income in 2022, following the double-digit growth recorded in sales from local and international operations during the year.
In an emailed statement, Petron said its net income grew to P6.7 billion from P6.1 billion, as its sales volume rose by 37% to 112.81 million barrels with 68.53 million barrels sold in the Philippines.
This comes even as crude price continued its slump in the second half of the year, dragged by global inflationary and recession fears and the demand slowdown recorded in China. “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,” he added.
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