.Petron_Corp records 2nd straight year of growth. Petron CarGuidePH
The Philippines’ leading oil company, Petron Corporation strengthened its recovery momentum in 2022, ending the year with a consolidated net income of P 6.7 billion, 9 percent better than 2021’s P 6.1 billion despite navigating a still volatile industry environment.
The Group’s service station volumes in the Philippines and Malaysia posted a 26 percent growth as Petron’s gasoline and diesel products remained in high demand; while combined commercial sales grew by 30 percent fueled by the continued recovery of the industrial and aviation sectors. Notable increases were recorded in the company’s sales of jet fuel, LPG, and in particular, Polypropylene products with the resumption of Petron’s Polypropylene production in 2022.
Despite external headwinds and lower prices in the second semester, Petron’s operating income for 2022 closed at P 19.21 billion, surpassing the previous year’s P 17.21 billion by 12 percent. Operating costs were well contained during the period, aided by the continued optimization of the company’s refining assets. The Company ramped up its refinery production to take advantage of favorable refining cracks.
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