Phoenix Petroleum makes P63M

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PHOENIX Petroleum closed 2020 strong on the back of a 20 percent growth in volume and improving market conditions as global oil prices recovered and economic activities picked up in the fourth quarter of 2020.

The company’s P158 million net income in the last quarter of 2020 reversed prior losses, leading to a P63 million net income for the year. LPG grew 20 percent amid industry contraction.

The Visayas and Mindanao business sustained its double-digit growth.

Momentum growing in the commercial and other business-to-business sectors fueled the sharp recovery in its domestic business, leading to 51 percent volume growth in the fourth quarter versus the third quarter of 2020. (KOC)