Saturday, October 1, 2022

PAGEONE Introduces ‘Goolai Vs. Gulay’ Campaign For Cheaper Yet Healthier Veggie Options

PAGEONE officially launches a campaign that offers healthy yet affordable vegetable alternatives in response to the rising cost of commodities.

PAGEONE Launches ‘THE WILDFYRE FUND’ To Step Up The Next Generation Of Filipino Bloggers

Get ready bloggers! PAGEONE started a contest made exclusively for bloggers and winners will receive cash prizes along with monitoring of their online media platforms.

Ber Months Hits: LIMITLESS Top Picks Perfect For The Season

Craving for your favorite food? With just a tap, the LIMITLESS app can help you have variations of foods delivered to your doorstep.

New Study Reveals Lung Injuries Not Caused By Nicotine Vaping

The serious lung condition known as EVALI or E-cigarette, or Vaping, product use-Associated Lung Injury is not caused by vaping nicotine as falsely claimed by vaping opponents.

Phoenix Returns To Profitability In Quarter 2

PAGEONE.PH

Phoenix Returns To Profitability In Quarter 2

Spotlight

How do you feel about this story?

Like
Love
Haha
Wow
Sad
Angry

Homegrown oil company Phoenix Petroleum Philippines, Inc. returns to profitability with a net income of Php 201 million for the second quarter, its highest since the onset of the pandemic. Gradually recovering from the loss in the first quarter, gains from its overseas businesses and continued OPEX discipline across the Group grew EBITDA by 67% quarter-on-quarter.

“We had a difficult start this year, but we’ve gained some traction, and are seeing favorable results from our strategies. Improved margins and our sustained prudence are paying off, and we are in a better position to cultivate growth as the market further recovers,” said Phoenix Petroleum President Henry Albert Fadullon.

The company is reaping the benefits of its long-standing commitment in streamlining operations and maximizing efficiency across the business as OPEX was lower by 10% quarter-on-quarter. As part of its pre-pandemic OPEX and CAPEX rationalization programs, Phoenix has continued to advance resource management initiatives and operational improvements. The Company is likewise developing a new supply model to navigate through the persistent volatility in the markets and foreign exchange.

Meanwhile, sustained increases in inventory costs and working capital limitations dampened domestic fuels, leading to overall volume dipping by 13% quarter-on-quarter. Rising selling prices in LPG, along with the overall uptick in inflation, have also softened household demand for the product.

Phoenix continues to benefit from its diversified portfolio of offers and markets. The weakness on the domestic front has been made up for by its overseas business, which accounted for about 69% of consolidated volume in the second quarter.

The Company, nonetheless, remains relentless in growing its domestic retail footprint, having added new Phoenix retail stations and FamilyMart stores to its network within the quarter. These include two new stations centrally located in Pasig, and another in Makati. FamilyMart, likewise, continues to expand with new stores in Paranaque and Antipolo, while diversifying its own offers through new product launches including its Tea Creations beverage line.

With its goal to make its outlets one-stop shops for customers, Phoenix recently partnered with eTap Solutions, Inc. to bring additional payment solutions to customers. Under the partnership agreement, eTap will install new self-service machines at 70 FamilyMart stores and Phoenix stations within the year.

“We are glad to emerge from the second quarter stronger and are more determined to stay on the path to recovery. With the economy opening up, we are focused on improved inventory strategies and continued cost discipline to sustain our upward momentum,” Fadullon said.

[fbcomments width="1000"]

Spotlight

PAGEONE Introduces ‘Goolai Vs. Gulay’ Campaign For Cheaper Yet Healthier Veggie Options

PAGEONE officially launches a campaign that offers healthy yet affordable vegetable alternatives in response to the rising cost of commodities.

PAGEONE Launches ‘THE WILDFYRE FUND’ To Step Up The Next Generation Of Filipino Bloggers

Get ready bloggers! PAGEONE started a contest made exclusively for bloggers and winners will receive cash prizes along with monitoring of their online media platforms.

Ber Months Hits: LIMITLESS Top Picks Perfect For The Season

Craving for your favorite food? With just a tap, the LIMITLESS app can help you have variations of foods delivered to your doorstep.

New Study Reveals Lung Injuries Not Caused By Nicotine Vaping

The serious lung condition known as EVALI or E-cigarette, or Vaping, product use-Associated Lung Injury is not caused by vaping nicotine as falsely claimed by vaping opponents.

Lifestyle

Entertainment

More Stories

Moira Dela Torre To Kick Off World Tour In 2023

Singer and songwriter Moira Dela Torre officially announced her upcoming world tour for 2023.

Kris Aquino Extends Help For Lolit Solis Despite Own Illness

Queen of the talk show Kris Aquino offered help to her co-artist Lolit Solis who also suffers from an illness.

Department Of Tourism Exec: Sports Tourism Made Siargao Top PH Destination

The Department of Tourism sees the potential of surfing as a boost to the tourism sector on Siargao island.

Lea Salonga Among TIME100 Impact Awardees

Filipino Broadway singer Lea Salonga was recognized as one of the recipients for Time Magazine’s TIME100 Impact Awards for 2022.

DSWD Partners With PSA To Sign Up Beneficiaries To PhilSys ID

The Department of Social Welfare and Development collaborated with the Philippine Statistics Authority to provide registration for Philippine Identification System to their beneficiaries.

Travel

Motoring