Petron Corporation Registers Strong Topline Growth in H1-2024

​Petron Corporation delivered a 21% growth in consolidated revenues for the first half of the year to P444.5 billion from last year's P367 billion, sustaining its positive momentum this 2024.

​The company continued to register strong volumes in the Philippines and Malaysia which reached 69.1 million barrels in the first six months, up 20% from the 57.6 million barrels sold in the same period last year. The solid outcome is fueled by the sustained performance of key segments, particularly retail and exports.
 
Broken down per country, Petron's sales volumes in the Philippines rose 27% to 44.4 million barrels, while volumes from its Malaysian operations grew by 9% to 24.7 million barrels.
 
Petron's retail segment, which posted a 10% increase, remained a key driver of the stellar volume performance through effective marketing programs in the company's combined service station network of about 2,600 outlets in the Philippines and Malaysia. Sales to industrial accounts likewise jumped 9% mainly on higher jet fuel and LPG demand.
 
Global oil prices remained volatile because of ongoing tensions in the Middle East. The price per barrel of Dubai crude averaged USD83 in the first six months, 5% higher than in the same period in 2023 as producers continued to manage supply.
 
With the company's solid volume growth, overall margins improved despite the softening of refining cracks, falling by17% from last year's level. Consolidated operating income rose by 8% to P17.3 billion.
 
"Our prudent and strategic approach continues to pay off amid challenging economic conditions. Moreover, we were able to retain our edge in vital sectors and enjoy the trust of more and more customers. Our focus remains on strengthening the quality of our products and services while creating excellent value for our stakeholders," said Petron President and CEO Ramon S. Ang.
 
As a testament to its sustained market leadership, Petron was recognized as one of the 10 most valuable Filipino brands for 2024 based on a report earlier released by Brand Finance, a leading global brand valuation firm. In addition, Petron was the only oil company to also land in the top 10 in terms of Sustainability Perceptions Value.