Leading oil industry player Petron Corporation bounced back last year with net income of P6.14 billion, completely wiping out the humongous P11.4 billion net loss it logged at the height of the coronavirus pandemic in 2020.

According to the oil firm, it sold 82.24 million barrels of oil that propelled its overall sales growth of 5.0 percent in 2021 made possible with “the easing of restrictions and re-start of economic activities that improved overall demand during the period.”

Given the company’s leap from the red to robust financial performance, Petron President and CEO Ramon S. Ang recounted how Petron had gone far already from its turbulent journey during the health crisis – not just in the Philippines but also in its offshore market of Malaysia.

“To say that we’ve come a long way since the start of this pandemic would be an understatement. We have recovered significant volumes in key market segments, and more importantly, we have returned profitability to our business,” he stressed.

With the upturn on its bottom line, Ang noted that Petron had been able to “follow through on expansion programs, bring our products and services to more consumers, and contribute to our country’s progress.”

The company chief executive thus sounded off that “we hope to carry on with this momentum and thrive further in 2022.”

At its top line, Petron logged consolidated revenues of P438.06 billion, posting an astronomical rise of 53-percent from P286 billion; mainly due to the escalation of Dubai crude prices which breached the US$80 per barrel mark in last year’s fourth quarter; while overall 2021 average hovered at $70 per barrel level.

Primarily for its core market in the Philippines, Petron emphasized that its retail volumes had risen 6.4-percent last year, despite the protracted implementation of granular lockdowns due to the on-and-off intrusion of death-dealing variants of the Covid-19 virus.

“Performance on industrial sales grew by 2.0-percent as travel restrictions eased and more industries reopened,” the oil firm expounded.

Petron similarly indicated that its lubricant sales “recorded the highest growth at 11-percent,” and that mainly highlighted “the strong performance and presence of its locally produced engine oils and other lubricant products in the market.”

“The recovery in demand along with OPEC’s (Organization of the Petroleum Exporting Countries) managed approach in increasing crude supply back in the market paved the way for refining margins to improve during the year,” Petron said, adding that the resumption of its refinery operations in the second semester last year also contributed greatly to its financial rebound.