Phoenix Petroleum Posts 27% Sales Rise to P5.9 Billion

Article excerpt

Amid drawbacks crashing the oil industry in 2009, publicly-listed Phoenix Petroleum Philippines Inc. managed to log hefty sales growth of 27-percent to P5.88 billion from the previous year’s P4.615 billion.The oil firm attributed its sales revenue surge “with the growth of the company’s retail network, commercial accounts, and lubricants business.”Phoenix Petroleum president and chief executive officer Dennis Uy said “the growth in our sales and market share is a result of aggressive marketing and franchising, as well as enhanced operations supporting our retail network.”The oil company added that it further gained market leverage in the deregulated oil industry; having posted market share jump to 1.2-percent; almost double from 0.67-percent share in 2008.Of the market pie in retail stations, Phoenix Petroleum reported that it cornered 13-percent share in Mindanao, and this has so far cemented its ranking as the fourth biggest player and having the biggest network in the south. …