Petron income up 37% despite global headwinds

Petron Corp., the country’s only oil refiner led by billionaire Ramon Ang, saw its bottom line climb by 37 percent to P9.7 billion in the first nine months despite softer oil prices. The P9.7 billion figure included income attributable to noncontrolling interests.

Thanks to boosted domestic sales and lower costs, operating income jumped 20 percent to P26.6 billion. Stronger profit was also realized despite challenges in the sector brought by persistent geopolitical conflict, shifting policies, as well as lifting of supply cuts.

Oil-producing markets, or those included in the Organization of the Petroleum Exporting Countries, hiked production, thus lowering prices. The oil price benchmark averaged $71 per barrel from January to September, down 13 percent. This led to lower revenues, with Petron’s top line falling by 10 percent to P594.9 billion.

“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,” Petron president and chief executive officer Ramon Ang said in a disclosure on Tuesday.