By Myrna M. Velasco

Amid demand shrink due to new-record high prices in the past months, leading oil industry player Petron Corporation logged a passable profitability climb in the nine month-period to P12.1 billion, 3.0-percent higher from the year-ago level of P11.8 billion.

Petron Chairman Eduardo M. Cojuangco contends that “despite a challenging environment that brought pump prices to new highs and resulted in weaker demand, (the company) continued to thrive and delivered above expectations.”

On the revenue front, it remained a robust outcome for Petron at 34-percent rise to P419.9 billion over January-September stretch from P313.5 billion in the same period last year. Operating income was similarly flattish with just 1.0-percent increase to P22.3 billion.

As emphasized, the reference Dubai crude for Asian oil markets had been on 25-percent uptrend since December 2017 to September this year – hitting an average of US$77.25 per barrel.

The Filipino oil firm noted that its growth was chiefly supported “by the robust performance of its Malaysian operations.”

It further qualified that such was partly underpinned “by sustained volumes in home country (Philippine operations) as well as the contribution of petrochemical business.”

For both its local and offshore operations, Petron noted that aggregate sales reached 81.4 million barrels, which had been higher by 2.1 million barrels from last year.

If international trading activities be netted out, the oil company indicated that total Philippine volumes had just jumped by a marginal 1.0-percent to 47.2 million barrels in January to September this year – and still considers such a remarkable outcome given that Filipinos are generally on penny-pinching mode on regimes of high oil prices.

For its Malaysian operations, in particular, Petron asserted that it has continually been gaining traction in terms of market grip in that particular offshore business domain.

It cited that such had been generally propped by the 10-percent jump in retail sales it registered within the three-quarter financial review period.

“This was backed by innovative and premium product offerings namely Blaze 100 and Turbo diesel euro-5, substantial membership increase in loyalty card programs (i.e. P-Miles) and the increase in retail network now numbering 630 stations.”

At acquisition phase in 2012, Petron’s initial retail network in Malaysian market had been at roughly 500 outlets and that is eyed getting beefed up to 1,000 gasoline stations in the near term.