Phoenix Petroleum Philippines, Inc.’s EBITDA rose 41% year on year in 2021 to Php 3.5 billion on the back of its solid LPG performance, consistent volume growth in its commercial and overseas sales, and recovering retail volume.
“Our operating income is up 87% to Php2.3 billion as we delivered double-digit sales growth compared to the same period last year while we keep in check our operating expenses. Meanwhile, our trend of delivering healthy EBITDA demonstrates our commitment to prudent management of resources and our ongoing momentum across our businesses and diversified portfolio which saw strong support from our customers and partners,” said Phoenix Petroleum Philippines, Inc. President Henry Albert Fadullon.
Despite challenges in new cases and emerging geopolitical risks that drive volatility in global oil prices, Phoenix is benefiting from strong domestic volume from its improving quarterly retail performance and new canister business in LPG.
“The combination of an improved operating earnings performance underpinned by continued debt reduction and the resilience of our businesses backed by active management of our inventories and receivables, help us mitigate the impact on demand and working capital. These further establish our position as a leading independent oil company that provides retail fuels and business to business services and offerings that cater to our customers and partners,” adds Fadullon.
Phoenix Petroleum operates close to 700 retail outlets nationwide and has expanded to other businesses including terminaling and hauling services, asphalt, car repair and maintenance, FamilyMart convenience stores and digital transactions. Phoenix has overseas presence in Singapore, Vietnam, and Indonesia.