Details about the Petron Corporation Net Income in First 3 Quarters of 2021
PETRON CORPORATION – The giant oil marketing company revealed its net income from January to September 2021.
Most businesses were not able to escape from the negative impacts of the COVID-19 pandemic. These businesses include the oil marketing and refining companies which are undeniably among the most progressive firms in the country.
With regards to the oil company giants in the Philippines, one of them is Petron Corporation that is under San Miguel Corporation of business tycoon Ramon Ang. Based on a report on ABS-CBN News, in 2020, Ang said that Petron lost P18 billion after the pandemic pull the demands for oil down.
Meanwhile, according to the report, Petron Corporation was able to bring the company to a more stable position this year 2021 despite that the country is still in the midst of a pandemic. The oil marketing company posted a net income of P4.99 billion from January to September this year.
In the same period in 2020, Petron lost P12.6 billion amid the pandemic. According to the company, its strategic investments have greatly helped in coping with the demands of the present situation and caused its volume and revenues to keep on an upward trend despite the restrictions in the mobility of the people.
The combined revenues of the operations of Petron Corporation in the Philippines and Malaysia rose by 35% from P216.43 billion in 2020 to P291.57 billion. Based on the report, Ramon Ang expressed that they are looking forward to finishing this year “in a much stronger and stable position than last year”.
Amid the growth in Petron’s revenues, Ang previously expressed willingness to sell the company to the Philippine government if it wants to. He is even open to being paid in installment for up to five (5) years. The offer came amid the oil price hike that affects a lot of people in the country.
You may visit – Ramon Ang Ready to Sell Petron to PH Government, How much will it cost?
