LISTED Phoenix Petroleum Philippines Inc. saw its net income surge by 82 percent to P2.77 billion last year from P1.52 billion in 2017, which the Dennis Uy-led oil firm said was boosted “by record volume from new businesses and sustained strength in its core fuels business.” In a disclosure on Tuesday, Phoenix Petroleum reported that its revenues grew by 99 percent to P88.61 billion in 2018 from P44.54 billion the year before as the volume of petroleum products sold rose by 49 percent year-on-year to a record 2.75 billion liters. Its retail volume climbed by 5 percent in 2018 from the previous year’s figure Its liquefied petroleum natural gas business also surged by 23 percent on the back of its continued expansion in Luzon and the consistent strength of its business in the Visayas and Minandao. Luzon accounted for 10 percent of the total LPG volume from 4 percent, while the other two island groups posted a volume growth of 14 percent.
