The consolidated net income of leading oil firm Petron Corporation jumped significantly in the first quarter to P3.6 billion, more than double the P1.7 billion earnings logged in the same period last year, on brisk sales due to the relaxation of Covid-related mobility restrictions,.

The oil firm said it “continued to regain significant volumes, taking advantage of the strong refining cracks in the region.”

Petron President and CEO Ramon S. Ang highlighted that “our efforts to increase our financial resilience, improve our efficiencies, and strengthen our brand equity have all yielded positive results.”

After more than two years wading through the pandemic, he stated that “we now find ourselves in a position of renewed strength and confidence as we continue to navigate the industry with the same caution and prudence that helped us turn our financial performance around.”

The surge in world oil prices ignited by the Russia-Ukraine war primarily shored up Petron’s top line, with it reporting drastic spike in consolidated revenues to P172.33 billion within January-March stretch this year vis-à-vis the relatively lean P83.31 billion on the comparative first quarter in 2021.

As emphasized by the oil firm, “Dubai crude reached an average of $95.6 per barrel due to geopolitical tension and supply concerns triggered by the Russia-Ukraine conflict.”

In terms of sales, the Philippine market exhibited robust recovery with 43-percent uptrend in volume and that was generally traced to “overall improvement in local demand.”

Petron added that on a consolidated basis, the sales volume in the Philippine and Malaysian markets as well as its trading unit in Singapore had been higher by 34-percent within the quarter to 26.57 million barrels; while commercial sales that covered jet fuels and lubricant products, had an uptick of roughly 50-percent.

For the retail segment in the domestic market, in particular, the oil company indicated that this increased by 7.0-percent; attributed mainly to “increased economic activity and gradual resumption of local and international travels.”

Even the firm’s petrochemical sales had likewise been on rebound, posting 30-percent rise as propelled by higher demand of resin being used for personal protective equipment (PPEs) and online deliveries.

The company thus narrated that with demand growth and higher prices of petrochemicals, it resumed operations of its polypropylene plant in January 2022 after a two-year shutdown.

Moving forward, Petron specified that its focus will be on “strengthening its already expansive reach and broadening its offerings ahead of future demand” – and that shall also be integrated with the firm’s strategy on helping preserve the environment.

“For us, the challenge ahead is not just to keep growing in terms of size but also to make a more significant impact in addressing environmental issues and building a better world for the next generations. We know there is more to do, and we are fully committed to seeing this vision through,” Ang stressed.