Petron’s P7.7-B net income in H1 2022 is double what it made in the same period last year

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by Drei Laurel | Aug 3, 2022
PHOTO: Shutterstock

The Petron Corporation has reported a consolidated net income of P7.7 billion in the first half of 2022. That figure is about two times what the oil company made over the course of the same period in 2021.

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In a press release, Petron also said that its sales volume is steadily on the rise. This is thanks to the industry’s continued recovery from the COVID-19 pandemic. The consistent performance lead to the company’s first-semester sales seeing double-digit growth compared to 2021. Consolidated revenue was posted at P398.52 billion.

In total, Petron’s regional operations sold 51.4 million barrels of oil in H1 2022. That’s up 34% from 2021’s 38.5 million barrels. Oh, and its retail sector also saw a 30% growth thanks to strong diesel and gasoline sales.

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“Our post-pandemic transition has so far been marked by steady growth, particularly in segments where we suffered major setbacks earlier during this crisis,” Petron CEO Ramon Ang said in a statement.

“We move forward with hope and optimism as we roll out projects that will not only yield optimal returns for the company but more importantly, lead towards greater sustainability and create economic opportunities for more sectors,” he added.

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