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    PCOR   PHY6885F1067


End-of-day quote. End-of-day quote Philippines Stock Exchange - 06/23
3.35 PHP   0.00%
06/17GENERAL ANNOUNCEMENT : :Corporate Disclosure
05/05PETRONá : opens 2021 with P1.73 billion first quarter net income
05/05PETRONá : Swings to Profit in Q1, Upbeat on Near-Term Prospects
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Petron : opens 2021 with P1.73 billion first quarter net income

05/05/2021 | 07:17am EDT


Petron Corporation's positive momentum continued well into the first quarter of 2021 as it reported a consolidated net income of P1.73 billion, a reversal of its P4.9 billion net loss in the same quarter last year and higher than its P1.2 billion net income in the fourth quarter of 2020.

While Petron's total sales performance for the first three months continued to improve compared to the average of the last three quarters of 2020, it still reflected the demand destruction from the pandemic. First quarter volumes reached 19.38 million barrels, 21 percent lower than the 24.66 million barrels sold in the same period last year, while consolidated revenues decreased 20 percent to P83.3 billion from P104.62 billion a year ago.

Despite lower revenues, however, Petron delivered a turnaround in the first quarter with a P3.7 billion operating income coming from its P4.4 billion operating loss in the same period last year. The Company recorded inventory gains this quarter due to the recent improvements in international oil prices in contrast with the inventory loss in Q1 2020. In addition, savings on operating expenses and financing costs also contributed to the sustained positive results.

'As a company, we are doing all that we can to create a safe and healthy work environment while ensuring that our recovery stays on track. Petron is constantly evolving, and we will continue to work towards our goal of emerging stronger from this pandemic. With the country's vaccination program gaining more ground, we feel confident about our prospects and have, in fact, scheduled the resumption of our refining operations this June,' said Petron President and CEO Mr. Ramon S. Ang.

To help the government achieve its vaccination goals, San Miguel Corporation (SMC), the parent company of Petron, is spending close to a billion pesos for its group wide Ligtas Lahat vaccination program, which aims to inoculate all 70,000 SMC employees and extended workforce.

'We are banking on the success of vaccination efforts here and abroad to boost our economy and the downstream business environment in general. While we have our work cut out for us, we are inspired to do more, grow stronger, and contribute further to society,' said Mr. Ang.

Meanwhile, Petron has set aside P11 billion for its 2021 CAPEX which covers its on-going construction of steam generator plants, strategic retail network expansion, and maintenance requirements.

The homegrown oil giant has built 14 new stations in the first quarter with plans to build more for the rest of the year. Following its approval as a registered-enterprise last December, the Petron Bataan Refinery has started to transition into AFAB (Authority of the Freeport Area of Bataan) and has also begun to avail of fiscal incentives from operating in a freeport zone.

In Malaysia, Petron's two major expansion projects in Port Dickson Refinery - the Diesel Hydrotreater (DHT) and Marine Import Facility 2 (MIF2) - remained on track. The new DHT unit will enable the refinery to produce ultra-low Sulphur automotive diesel, while the MIF2 will expand its finished product storage capacity to support future growth in Petron Malaysia and at the same time generate savings on freight cost.


Petron Corporation published this content on 05 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 May 2021 11:16:03 UTC.

ę Publicnow 2021
06/17GENERAL ANNOUNCEMENT : :Corporate Disclosure
05/05PETRONá : opens 2021 with P1.73 billion first quarter net income
05/05PETRONá : Swings to Profit in Q1, Upbeat on Near-Term Prospects
04/14PILIPINAS SHELL PETROLEUMá : Stock Remains Listed after Shutdown of Tabangao Ref..
03/10PETRONá : sustains growth momentum in Q4 2020; continues to recover from pandemi..
02/08Philippines' San Miguel to quit piggery business as transport curbs bite
2020PETRONá : warns public against use of fake LPG products
2020PETRONá : gives away one-year supply of fuel on Christmas Day
2020Philippines' San Miguel, local firm submit offers to operate main airport
2020Philippines' Petron to suspend Bataan refinery operations from January
More news
Sales 2020 286 B 5 871 M 5 871 M
Net income 2020 -11 380 M -234 M -234 M
Net Debt 2020 186 B 3 826 M 3 826 M
P/E ratio 2020 -2,53x
Yield 2020 -
Capitalization 31 407 M 644 M 645 M
EV / Sales 2019 0,43x
EV / Sales 2020 0,78x
Nbr of Employees 2 709
Free-Float 26,4%
Duration : Period :
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Managers and Directors
Ramon S. Ang President, CEO & Executive Director
Emmanuel E. Era˝a Chief Finance Officer & Senior Vice President
Roland B. Salonga VP-Operations & Corporate Technical Services
Joel Angelo C. Cruz Secretary, Vice President & Compliance Officer
Artemio Villase˝or Panganiban Independent Director