Industry News

Phoenix Petroleum has sustained its growth in the first nine months of 2018 led by volume gains and higher net income during the period. The company reported that their core earnings were higher by 27% at 1.32 billion pesos, excluding one-off items related to the acquisition of the LPG business in 2017. Moreover, market share was steady at 7.1% based on the Department of Energy report as of first half of 2018.

Also worthy of note is its post-acquisition, the convenience store retailing business, through Philippine Family Mart CVS, Inc., has grown average daily sales by 21% driven by the launch of the Generation 2 store concept, which is food service-centric and features a bigger dining area and wider selection of food offerings.