The upturn in sales had propelled 16 percent rise in the first quarter net income of leading player Petron Corporation to P3.93 billion from last year’s three-month outcome of P3.4 billion.

Petron indicated that the profitability climb had been registered across operational chains of the company’s business portfolios both in the Philippines and Malaysia.

In terms of sales volume, the consolidated result was 23 percent escalation to 35.29 million barrels from the year-ago level of 28.59 million barrels.

“The sales volume growth was supported by higher production at Petron’s refinery in Bataan and Port Dickson,” the oil firm stressed.

On the revenue front, Petron posted P227.64 billion within this year’s three-month stretch, up by 21 percent from the year-ago level of P188.75 billion.

Further, the firm’s operating income inched up 21 percent to P10.17 billion – which fundamentally is an improvement from lP8.42 billion last year.

Onward, Petron President and CEO Ramon S. Ang emphasized that the company has been “strengthening our recovery and growth following the pandemic,” and that is underpinned by the efficiency measures being enforced by the company.

According to the company, its retail sales jumped 11 percent due to “sustained market recovery and Petron’s effective retail execution.”

For the commercial segment, the oil firm’s sales went up 11 percent and that was mainly driven by “substantial jump in jet fuel,” as well as sales in liquefied petroleum gas.

With boost from its refinery production, the oil company’s export volumes likewise registered sustained growth by 90 percent - inclusive of the volume traded via its platform in Singapore, with its Philippine operations contributing 28% growth for 22.72 million barrels.

Petron qualified that international oil prices were still tracking upticks – mainly precipitated by “escalating geopolitical conflicts in the Middle East,” that’s a reverse from 17 percent decline in the last quarter of 2023, reaching a close of $77 per barrel by end-December.