PETRON Corp. reported a net income of P7.7 billion in the first semester, or about double the P3.87 billion earned in the same period last year, as the company maintained steady sales growth. READ:
In a disclosure to the stock exchange, the company said year-to-date sales in the Philippines and Malaysia, including its trading subsidiary in Singapore, increased 34% to 51.4 million barrels from 38.5 million in the same period last year.
“Our post-pandemic transition has so far been marked by steady growth particularly in segments where we suffered major setbacks earlier during this crisis,” Petron President and Chief Executive Officer Ramon S. Ang said in a press release.In the first half, sales of lubricant products, Jet-A1 aviation fuel, liquefied petroleum gas, and petrochemicals showed strong growth compared with 2021, Petron said.
Consolidated revenues for the first half jumped to P398.5 billion, or more than double the P174.1 billion recorded in the same period last year, because of a sustained increase in sales and volume prices. Dubai crude averaged $102 per barrel from January to June due to supply concerns.
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