Petron president and CEO Ramon S. Ang proudly shared that the largest oil refining and marketing company in the Philippines is off to a good first quarter this year.
In San Miguel Corporation’s 1st quarter revenue report, Ang said the diversified conglomerate continues to gain momentum despite several challenges. He noted how a surge in covid-19 cases in January affected economic activity. There was also volatility in the global market that pushed the prices of raw materials up.
Despite the adversities, Ang said SMC was able to deliver strong and kept its momentum. He explained that SMC’s first quarter posted consolidated revenues of P316.8 billion. The figure is a 57% increase compared to the same period last year. Ang said it represents the company’s strong volume growth and better selling prices.
Ang said in his report, “Overall, we are off to a good start this year, with volumes and revenues showing robust growth. While we are still seeing mixed results from our businesses due to the Omicron surge disruption at the start of the year and significant increases in raw material prices, we are well-positioned to build on our gains.”
The tycoon is optimistic that the country will go back to pre-pandemic levels so the company can sustain its growth. “Economic activity is returning to pre-pandemic levels, our workforce has been fully vaccinated, and we have managed to keep the virus under control. With these, we are confident we can sustain our target levels of growth, ” Ang added.
Petron Corporation was among the businesses that brought huge growth to SMC in the first three months of the year. According to Ang, Petron “opened the year strong” with consolidated revenues of ₱172.3 billion.
Ang explained that the figure represented a 107% increase from the P83.3 billion last year, even with higher international prices and recovery still on its way.
Petron’s net income also significantly increased compared to last year. The data showed that SMC’s oil business posted a net income of P3.6 billion for the 1st quarter. It was more than double the P1.7 billion registered in the same period last year.
According to a report from Bilyonaryo, the retail segment of Petron in the country is doing very well with a 7% volume increase. Meanwhile, the commercial volume, which includes lubricant products and jet fuels, also posted over a 50% increase. These positive figures were driven by the continued increase in economic activity and more local and international travel.
The CEO has always been public with his successes and challenges. To learn more about his principles, you can read Ang’s 7 secrets to success and happiness. Ang’s biography and success story with SMC is also another inspiring report to read.