Petron Corporation Reported a PHP 10.1 Billion Consolidated Net Income in 2023, Up 51%

Petron Corporation reported a 51% increase in consolidated net income to P10.1 billion in 2023 from P6.7 billion in 2022.​

Fueled by its extensive presence and effective volume-generation initiatives in the Philippines and Malaysia, the business achieved a combined sales volume of 126.9 million barrels for the year, 13% more than the 112.8 million barrels sold in 2022. The group's outstanding volume performance was led by significant increases in Jet Fuel and LPG sales, which were supported by increased production at its Bataan and Port Dickson refineries.

Petron sold 79.5 million barrels in 2023 through its Philippine operations, up from 68.5 million in 2022. The company's leadership in the retail, industrial, and LPG industries was strengthened by the continuous economic recovery and Petron's efficient marketing strategy.
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Petron's local industrial sales were primarily driven by a more than 50% increase in jet fuel, with the company capturing over 80% of the market in 2023. Domestic LPG sales increased 26% year on year due to the success of Petron's LPG brands, Petron Gasul and Fiesta Gas. In the highly saturated and price-driven retail sector, sales increased by 15% as a consequence of the company's efforts to improve the competitiveness and productivity of its service station network, which remains the largest in the country. Petron increased its entire market share to 24.5% in the first half of 2023, according to the most recent available data from the Department of Energy.

​Despite increasing sales volume, Petron reported reduced revenues of P801 billion, a 7% decrease from the previous year's P857.6 billion, as prices continued to fall from record highs in 2022. The full-year average price of benchmark Dubai crude was $82 per barrel in 2023, down 15% from $96 in 2022.
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Petron's ongoing efforts to capitalize on continuous demand recovery, manage assets and resources, and respond to market volatility led to a 60% increase in operating income, which reached P30.7 billion from P19.2 billion last year. The financial results improved during a period of prolonged geopolitical conflicts and worldwide inflationary fears, which weighed on the market.

Petron was recently recognized by the Bureau of Customs (BOC) as one of the country's top importers in 2023 in terms of duty and tax payments, greatly contributing to the Bureau's favorable collection performance. Since the implementation of the government's fuel marking scheme in 2019, the corporation has also been the largest contributor. Petron plans to strengthen its growth and nation-building efforts in 2024, including the expansion of its retail and logistics network, in addition to its environmental initiatives.