Petron Corporation, the Philippines’ only remaining oil refiner, today announced a significant increase in its financial performance for the first nine months of 2024, reporting a Net Income of P9.7 billion. This marks a robust 37% growth compared to the P7.1 billion recorded in the same period last year.
The exceptional growth was fueled by a combination of higher domestic sales volumes, effective cost management, and improved refinery efficiency in both the Philippines and Malaysia, demonstrating the company’s resilience against challenging global market dynamics.
Petron sustained strong profitability, with its Operating Income climbing 20% to P26.6 billion from P22.2 billion last year, underscoring its ability to navigate external pressures. The average regional pricing benchmark (Dubai crude) declined by 13% during the nine-month period, which consequently led to a 10% decrease in total revenues, settling at P594.9 billion from P657.9 billion previously.
Operationally, the company delivered strong sales volumes, achieving a combined sales volume of 84.7 million barrels across the Philippines and Malaysia, a 3% increase from 82.6 million barrels in the comparable period. This volume growth was primarily spearheaded by the Philippine market, which saw retail sales volume improve by an impressive 11%, cementing Petron’s dominant share in the local market.
Refining productivity at the Limay, Bataan, and Port Dickson, Malaysia, facilities also contributed significantly, mitigating the negative impact of weak regional refining cracks, which dropped 11% during the period.
Commenting on the results, Petron President and CEO Ramon S. Ang said: “As a refiner, we’ve had to balance financial resilience with delivering value across every aspect of our business. This year, the market has presented even greater challenges, yet we’re proud of how we’ve stood against external pressures and even competition. Our performance over the past three quarters has been a testament to this, and we remain optimistic about maintaining this momentum through the rest of the year.”
Petron Corporation’s strong nine-month performance highlights the success of its strategic focus on domestic market growth and operational excellence, ensuring sustained profitability despite the volatile international oil market influenced by geopolitical tensions and shifting supply policies.
