Leading independent petroleum player and third largest market share holder Phoenix Petroleum Philippines continues to strengthen its balance sheet and enhance its liquidity with the settlement of PHP3.083 billion in commercial papers (CP) on July 26.
“The settlement of the CP is an overall reduction in our indebtedness, which improves our leverage and liquidity profile. This puts us in a firmer footing, and positions us well into the second half of the year. We are building on the progress of the past quarters as we prioritize our people’s safety, our customers’ needs, and preservation of resources,” said Phoenix Petroleum President Henry Albert Fadullon.
“The CP program of Phoenix has always been well-supported by both the retail and institutional investors, and the Company is grateful for the confidence given, and having the opportunity to offer such instruments that benefit the investors, and support our growth,” Fadullon added.
The settlement of CP Series D was funded by a mix of internal funds and financing support from established institutional creditors.
“Amidst persistent challenges, so far, this year, we generated record-high quarterly volume in the second quarter on the back of our fuels and LPG businesses. With this improvement in sales, along with our sustained efforts to prudently manage our costs and capital, we have been able to shorten the cash cycle, and gradually deleverage,” Fadullon added.
Based on the latest market share data of the Department of Energy, Phoenix Petroleum grew its market share in the first quarter of 2021 to 7.8% from 7.5% as of the end of 2020, and remains the third largest petroleum player in the Philippines.