Phoenix Petroleum posted P158 million in net income during the last quarter of 2020, allowing the company to end the year with P63 million in earnings.

Full-year volume grew by 32 percent year-on-year as global oil prices recovered and economic activities picked up in the fourth quarter last year. Moreover, efforts to rationalize operational expenditure (opex) and capital expenditure (capex) resulted in a combined 38-percent decline year-on-year.

“We have accelerated our structural transformation, reducing OPEX per liter by 32 percent. We delivered on our commitments and cut OPEX and CAPEX similarly. We expect to continue to benefit from these operational improvements over time,” said Phoenix President and CEO Henry Albert Fadullon.

The oil company is now the 3rd largest oil player in the Philippines in market share, according to the Department of Energy.

As of end-2020, total station count stood at 670.  Fadullon added that the company is executing and has made progress on its balance sheet programs. These include improved liquidity position, long term refinancing of short term loans and reduction in high-cost financing as P3.5 billion in Short Term Commercial Papers (STCPs) and P1.25 billion in preferred shares in December 2020 have been settled.

“It was a strong finish to a challenging year. For this year, while vaccine developments are encouraging, the resurgence of the virus and the new rounds of lockdown may continue to dampen overall consumer confidence and industrial and commercial activities.

Nevertheless, our desire for growth has not been diminished and we will accelerate it by sweating our existing assets and keeping our sharp focus on cost discipline,” said Fadullon.

Overseas, PNX Petroleum Singapore was able to expand its external fuels and LPG sales during the year.  Phoenix Gas Vietnam’s sales volume almost tripled during the year as the country became one of the fastest to recover from the pandemic.

Domestic volume, meanwhile, rebounded by 32 percent quarter-on-quarter in the fourth quarter, easing the full year decline to 20 percent for the full year.

“The Luzon business is still coming off from a low base but continues to grow and expand its distribution network. The Visayas-Mindanao business sustained double digit growth. Domestic LPG is well-positioned to capture opportunities not only in underpenetrated retail and commercial markets but also changing consumer behaviors post-pandemic,” Phoenix reported.

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This story originally appeared on businessmirror.com.ph