Independent oil player Phoenix Petroleum Philippines Inc. reported higher net income in the first half. In a disclosure to the local stock exchange, Phoenix Petroleum said its consolidated net income grew by 5.8% to PHP 425 million (USD 9.3 million) from PHP 401 million (USD 8.8) during the same period a year ago.
The company saw a 25% increase in sales volume of petroleum products from January to June 2015. Despite the higher sales volume, however, gross revenues fell to PHP 14.4 billion (USD 317.9 million) in the first half, from PHP 18.5 billion (USD 408.5 million) a year ago due to lower prices.
Phoenix Petroleum said the higher sales volume was due to the company’s strategy to focus on expanding its retail station network. Same store sales grew by 12%. Phoenix Petroleum had 443 stations as of the end of June, up from 418 stations at the end of 2014.
The company said at least 3 million vehicles visited the Phoenix retail network monthly.
While there was a decline in sales volume in the wholesale/distributor sales segment, total sales to commercial accounts, including the shipping, fishing, mining, power and transportation sectors, registered continuous growth during the year, the company said.
Phoenix Petroleum said it would continue to expand its logistics, storage and infrastructure to support both retail network expansion and grow its commercial and industrial client base.