Ramon Ang-led oil firm Petron Corporation has reported a 16 percent year-on-year drop in its net income to ₱8.47 billion in 2024.
In a statement on Tuesday, March 4, Petron noted that its operating income declined to ₱29.2 billion last year from ₱30.7 billion in 2023.
Its revenues, on the other hand, climbed by eight percent from ₱801 billion in 2023 to ₱867.9 billion in 2024.
Its consolidated sales also jumped by 10 percent to approximately 139.9 million barrels due to higher demand and the company’s growth initiatives.
Sales from its operations in the Philippines and Singapore increased by 16 percent, reaching approximately 92.5 million barrels, driven by network expansion and strong marketing efforts.
Petron’s retail sales also rose by 18 percent, backed by the country’s largest fuel station network.
Additionally, commercial sales inched up by six percent due to its significant footprint in the aviation industry.
Petron cited data from the Department of Energy (DOE), stating that it expanded its market share to 24.9 percent in the first half of last year from 23.1 percent at end-2023, maintaining its position as the Philippines’ leading oil company.
Its liquefied petroleum gas (LPG) unit also held a 25.5-percent share.
Ang, president of Petron, said these results reflect the company’s ability to adapt to market conditions.
“With the continued support of our customers, employees, and partners, we remain focused on sustainable growth and contributing to our country’s economic progress,” he added.
According to Petron, its Malaysian subsidiary faced challenges due to fuel subsidy changes and the shutdown of the Port Dickson refinery in the fourth quarter, which led to lower production and exports, affecting its 2024 performance.
Furthermore, the geopolitical tensions in the Middle East and slower demand from China kept global oil prices volatile.
Petron noted that Dubai crude averaged around $80 per barrel, while prices dropped to $73 by year-end.