Petron earns 16% profit in Q1

Philippine Standard Time:

Petron earns 16% profit in Q1

Petron Corp., the country’s largest oil refinery, had a double-digit growth in local and international sales in the first three months of 2024.

In its statement, Petron said its net income totaled P3.93 billion in the first quarter, up by 16 percent from P3.4 billion in the same period last year.

Petron President and CEO Ramon Ang said he is pleased to start the new year on a strong note ‚Äúand we hope to sustain this momentum as we work toward this new goal this 2024.‚ÄĚ

Export volumes also grew considerably by over 90 percent from the additional export volumes resulting from higher refinery production, he further explained. Philippines and overseas sales volume stood at 35.29 million barrels representing a growth of 23 percent bolstered by higher production at its refinery in Bataan and Port Dickson in Malaysia.

Petron supplies around 40 percent of the total fuel requirements nationwide through the refinery in Limay, Bataan. It is keen on strengthening its programs on carbon sequestration, energy efficiency, water conservation and water management.

The post Petron earns 16% profit in Q1 appeared first on 1Bataan.

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