Phoenix Petroleum Philippines Inc. has committed P1 billion for expansion of its business amid persistent challenges and uncertainties in global markets. Know more:
PHOENIX Petroleum Philippines Inc. has committed P1 billion for expansion of its business amid persistent challenges and uncertainties in global markets.
Phoenix Petroleum is engaged in the nationwide trading and marketing of refined petroleum products, including LPG and lubricants, operation of oil depots and storage facilities, hauling and into-plane services; convenience store retailing; and trading and supply. It has a total of 697 operating retail service stations as of end-September this year.
As the global economies emerge from the pandemic, Phoenix Petroleum said challenges from the new wave of COVID cases, emerging geopolitical risks, and threat of global recession drive volatility in global oil prices. At end-September, it saw its Ebitda fell down by 32 percent to P1.8 billion, mainly on account of lower domestic fuel volume in the third quarter.
On a per unit Ebitda basis, it saw a 21-percent growth year-to-date as it continues to exercise prudence in operational expenditure and capital expenditure and enhance productivity and efficiency across businesses.
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