Update on Phoenix Petroleum Net Income amid the Pandemic in PH
PHOENIX PETROLEUM NET INCOME – The oil marketing company posted its net income for the first three (3) quarters of the year 2021.
The COVID-19 pandemic has affected a lot of companies across the globe. In the Philippines, not only the small businesses but as well as the giants in their fields were not able to escape from the demands of the pandemic. When it started in 2020, many companies were not able to cope with the situation.
A lot of small businesses had no choice but to temporarily or permanently close as they failed to cope with the situation while big companies lost billions. One of those that incurred a net loss in 2020 was oil marketing distributor company Phoenix Petroleum.
Even oil companies that are the most progressive businesses in the Philippines were affected by the pandemic. The main cause is the limited mobility in the country as restrictions are imposed to curb the spread of the virus.
Meanwhile, most oil companies have reported profits in their income this year 2021. Based on a report on ABS-CBN News, from January to September 2021, the Phoenix Petroleum net income recorded was at P170 million. In 2020 of the same period, the oil company incurred a P95 million net loss.
Phoenix President Henry Albert Fadullon expressed his pride over the oil company’s sustained growth from January to September 2021. According to him, it is teamwork that is taking the company where it is now as they exert efforts to “position the business stronger” amid the pandemic and aim for growth while the economy is bouncing back from the impacts of these trying times.
Compared with last year’s overall volume, a 33% increase was noted due to the growth of the businesses abroad. With regards to the domestic volume, it is up by 29%, LPG by 35%, and the overall volume by 37%.
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