PETRON POSTS 2ND QUARTER RISE

By The Financial District
Mar 11, 2021
2 min read

Petron Corporation posted consolidated revenues of P69.6 billion for the last quarter of 2020, its second quarterly growth after experiencing a historic slump in the second quarter due to the pandemic’s economic impact.

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Petron registered a 46% improvement from the P47.7 billion reported in Q2, Petron’s hardest-hit quarter in 2020. Maintaining its upward momentum, the company’s consolidated sales volume in the fourth quarter reached 19.08 million barrels despite the GCQ extension in key cities in the country and another Conditional Movement Control Order in Malaysia.

However, refining margins remained soft which challenged the economic viability of the company’s Philippine operations.

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“We have been working hard to minimize the impact of the pandemic on our business and our performance in the second half of 2020 proves that we are moving in the right direction. We look forward to sustaining our recovery as we anticipate higher demand and a more stable industry situation with an end to this crisis finally in sight,” said Petron President and CEO Mr. Ramon S. Ang.

For the whole of 2020, the company’s consolidated sales volume stood at 78.6 million barrels, down 27% from 2019’s 107 million barrels. Consolidated revenues declined 44% to P286 billion from P514.4 billion in 2019, reflecting the impact of the pandemic on Petron’s financial performance. Overall, Petron incurred a net loss of P11.4 billion for the full year coming from its 2019 net income of P2.3 billion.

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Aware of the current industry condition, Petron is focused on further improving its competitiveness. Petron’s Bataan Refinery was granted approval as a registered enterprise in December 2020 by the Authority of the Freeport Area of Bataan (AFAB). FAB-registered enterprises are entitled to avail of fiscal incentives under the Special Economic Zone Act of 1995 or Omnibus Investment Code of 1987.

This will benefit the company in the form of better timing on the payment of VAT which shall be upon withdrawal of the products from the refinery.

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