Phoenix sees recovery after a challenging 2022

NEWS | #IndustryNews – Manila, Philippines –

Phoenix Petroleum saw signs of recovery in Q1 2023 after economic setbacks in 2022. Its overseas businesses in Singapore and Vietnam, as well as its LPG arm, delivered positive results. The company remains optimistic and focuses on cost efficiency, partnerships, and its terminals and depots business for growth.

Phoenix Petroleum: Strong Signs of Recovery in Q1 2023 and Promising Growth in Overseas Markets

Phoenix Petroleum showed signs of recovery in Q1 2023 after facing economic setbacks in 2022. Despite narrowing its revenue loss, the company remains on the path to recovery. Its overseas businesses in Singapore and Vietnam, along with its LPG arm, delivered positive results.

The company faced challenges in 2022 due to geopolitical tension, resulting in oil price volatility and increased import costs in the Philippines. This led to higher pump prices, inflation, and reduced consumption. Phoenix optimized its resources and reduced volume to mitigate the effects. However, its overseas businesses thrived, driven by market volatility and economic recovery in Vietnam.

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Phoenix’s commitment to cost efficiency and streamlined operations improved capital expenditures and operational efficiency. The company expanded its retail footprint and formed partnerships to drive growth. In Q1 2023, Phoenix reported improved operating income and efficient expenses.

“Our momentum was disrupted just as we were seeing the light at the end of the tunnel in the beginning of last year. But despite 2022 being a challenging period, we continue to power through the setbacks, remaining hopeful and optimistic as we stay on the path towards recovery. Moving forward, our focus remains on efficiency to further strengthen the business, and deliver value to our stakeholders.”
HENRY ALBERT FADULLON, Phoenix president

The company remains optimistic, particularly about its domestic LPG arm, which demonstrated resilience and promising performance despite price volatility and inflation. Phoenix intends to capitalize on its terminals and depots business for future revenues.