Phoenix Petroleum Philippines, Inc., on Monday, August 2, 2021, accounted for its total income increased by 9 percent to P132 million in 2021’s second quarter. In a confession, the sovereign oil company declared that revenues raised by 38 percent during the period. Its overall size increased by 32 percent through this time while the domestic business development picks up speed. Local volume increased by 27 percent as commercial, besides other business-to-business segments, fortified as selective sectors like trading and manufacturing drive the momentum.
Phoenix Petroleum stated its LPG segment similarly boosted on brawny container volume and as industrial LPG regains growth. The company spokesperson said that revival in sell has been sluggish by the sustained challenges in mobility with the latest surges in Covid cases; the level of the nationwide vaccination program is slower than expected, and the risk of new Covid variants.
Meanwhile, the abroad business increased by 37 percent, followed by the growth in the Vietnam LPG business. Henry Albert Fadullon, Phoenix Petroleum President, said that the company’s Q2 performance implies that their growth on the domestic level is growing and they are coagulating their market ranks, as proved by the latest market share development.
Despite challenges and hurdles, they are capable of continuing the expansion of their network through a capex-light model, keep our costs aligned and get new B2B accounts. Mentioning new data, the company said its domestic market share raised by 7.8 percent in 2021’s first quarter, an elevation from 7.5 percent at the end of 2020.