Petron Reports ₱10.1 Billion Net Income In 2023, A 51% Increase From 2022

Petron Corporation has announced a robust performance for the year 2023, with a consolidated net income of PHP10.1 billion, representing a substantial 51% increase from the previous year's PHP6.7 billion.

Petron celebrated its 90th year in 2023. I Photo: Petron Corporation

The company disclosed this information to the Philippine Stock Exchange (PSE), attributing its success to its wide presence and volume-generation strategies in both the Philippines and Malaysia.

Throughout 2023, Petron achieved a combined sales volume of 126.9 million barrels, marking a 13% increase from the 112.8 million barrels sold in 2022.

This strong volume performance was fueled by significant growth in Jet Fuel and LPG sales, supported by higher production at its Bataan and Port Dickson refineries.

In its Philippine-based operations, Petron sold 79.5 million barrels in 2023, up from 68.5 million barrels in 2022.

The company strengthened its leadership in the Retail, Industrial, and LPG markets, benefiting from sustained economic recovery and effective marketing strategies.

Key highlights of Petron's performance in specific sectors include:

• More than 50% growth in Jet Fuel sales, capturing about 80% of the market in 2023.

• A 26% year-on-year increase in domestic LPG sales, driven by the popularity of Petron’s LPG brands, Petron Gasul and Fiesta Gas.

• A 15% increase in retail sector sales, attributed to the productivity of its wide service station network.

Petron emphasized its ongoing efforts to capture continued demand recovery, optimize assets and resources, and respond to market volatility, resulting in a remarkable 60% improvement in operating income, which reached PHP30.7 billion compared to last year’s PHP19.2 billion.

Ramon S. Ang, President and CEO of Petron, highlighted the company's strategic approach to capitalize on economic resurgence and minimize external pressures, leading to significant improvements in high-demand sectors.

He expressed the company's commitment to strengthening these efforts and pursuing initiatives aimed at solidifying its recovery and advancing nation-building goals.

Furthermore, Petron remains the leading contributor to the government's fuel marking program since its inception in 2019. Recently, it was recognized by the Bureau of Customs (BOC) as one of the country's top importers in 2023, contributing significantly to the Bureau's positive collection performance.

Mr. Ang reflected on the achievements of 2023, particularly celebrating Petron's 90th year. He expressed pride in the company's financial recovery and expansion efforts and articulated a commitment to responsible, accountable, and sustainable growth moving forward.

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