Phoenix Petroleum net income jumps 82 percent in 2018


Posted at Feb 26 2019 11:18 AM

MANILA – Phoenix Petroleum said Tuesday its net income grew 82 percent to P2.77 billion in 2018, driven by record sales and new businesses.

Revenues grew a record 99 percent to P88.61 billion last year, after the volume of petroleum products sold grew 49 percent to 2.75 billion liters, Phoenix Petroleum told the stock exchange.

Trading operations at PNX Petroleum Singapore contributed 28 percent of consolidated volume sales.

Phoenix Petroleum, controlled by Davao-based businessman Dennis Uy, said it opened 600 stations nationwide as of December 2018.

Phoenix Petroleum earlier disclosed its plans to form a joint venture with China's CNOOC Gas and Power Group Co. Ltd.