Petron Corporation reported a decline in net income for the first nine months of 2024, as challenges in the international oil market persisted, despite achieving revenue and sales growth.

In a statement on Tuesday, Petron reported that its net income dropped to P7.1 billion in the first nine months of 2024, down from P9.5 billion earned in the same period last year.

"The strong performance of the company's marketing segment was weighed down by the correction in refining margins, resulting in lower net income for the nine-month period," the firm added.

Petron reported a 12 percent increase in its consolidated revenues, from P587.28 billion last year to P657.93 billion during the period under review. This was due to sustained volume growth of 12 percent from January to September, reaching 104.4 million barrels, up from 93.6 million barrels last year.

Petron's operating income also dropped from P27 billion to P22.3 billion in the first nine months of 2024.

The company's sales volume from its Philippines and Singapore trading arm saw a 16 percent increase, reaching 67.8 million barrels. Meanwhile, its Malaysian subsidiaries posted a 4 percent increase to 36.6 million barrels.

Petron's service station operations in the Philippines also contributed to the 7 percent increase in total retail sales. This was driven by the company's strong branding and marketing strategies.

Subsequently, sales from commercial trades saw a 7 percent increase, and export trades had an 11 percent increase.

"The international oil market remains uncertain as weak demand from China aggravates the continued impact of political tensions in the Middle East," Petron explained.

In the third quarter of the year, the price of benchmark Dubai crude settled at $74 per barrel, a 17 percent decrease from the $89 per barrel peak in April.

Dubai crude averaged $82 per barrel from January to September, on par with last year's average amid the downward trend observed by Petron.

Regional refining cracks also dropped crude prices to pre-war levels, affecting the company's earnings, which fell nearly 30 percent compared to last year.

Ramon Ang, president and chief executive officer of Petron, believes that the company's resilience helped it navigate the fluctuating market.

"Our resilience, while repeatedly tested, continues to carry us through challenging market dynamics. We are grateful for the steady support of our customers and other stakeholders, allowing us to still deliver growth despite temporary setbacks," he said.