The country’s leading oil refining and marketing company Petron Corporation ( PSE:PCOR)said it has completed the 1st phase of its retail network expansion program. From January 2009 to January 2010, Petron has opened 200 new service stations across the country bringing its total service station count to 1,463—the largest retail network in the industry.
“We intend to pursue our network expansion program to bring Petron’s first-rate fuel products and quality services closer to Filipino motorists. This is also in line with our strategic initiative to strengthen the company’s core business and ensure our market dominance over the long-term,” Petron Chairman and CEO Ramon S. Ang said.
At the heart of the company’s expansion program is the establishment of Petron service stations in far-flung areas as the framework for volume building. The concept is based on pre-fabricated models that can start with 2-3 product pumps but easily expandable as demand increases in growth centers, real estate development sites and provincial areas. Of the 200 Petron service stations opened in the last year, 84 are located in Luzon, 48 in Visayas and 68 in Mindanao.
At present, Petron has 30% of the total oil industry service station count and this is expected to further increase in the next few years. The company has programmed the construction of more service stations over the next few years which is expected to further enhance its market leadership.
To complement this initiative, the company is already rolling out more services at its various gasoline stations to give customers more service convenience. These include bank ATMs, money transfer, bill payments, and additional food and service locators etc.
Petron posted a net income of P3.37 billion in the first nine months of 2009 continuing its strong recovery from losses suffered in 2008. This is equivalent to a 21% increase compared to the P2.78 billion income posted in 2008 over the same period
PSE Disclosure: Feb 9, 2010
Showing posts with label Petron Corporation. Show all posts
Showing posts with label Petron Corporation. Show all posts
Tuesday, February 9, 2010
Friday, July 31, 2009
San Miguel Diversifies, Bucks Economic Downtrend.
July 2009. Conglomerate San Miguel Corporation (SMC) emphasized that its aggressive diversification program is a way to secure future growth for the company and spur economic growth and development in the Philippines.
Bucking the global economic downtrend, San Miguel posted positive results for 2008, which reported P19.3 billion in consolidated net income for 2008, 124% higher than in 2007, is currently undertaking a massive diversification into important industries such as power generation, oil refining, telecoms, water distribution, tollways, and infrastructure.
In his address to stockholders at the company’s annual meeting, SMC Chairman and Chief Executive Officer Eduardo M. Cojuangco Jr., said:
“Beyond seeking profit, we want to be in industries that serve as the backbone of our country’s development, and impact the lives of Filipinos in a meaningful way. We have complete confidence in our country’s potential.”
San Miguel recently invested in Manila Electric Co. (Meralco), the country’s largest power distributor. It has also signed an option agreement to acquire UK-based Ashmore Group’s 100% stake in Sea Refinery Corp., which holds 50.1% of the Philippines’ largest oil refiner, Petron.
The company has also acquired 32.7% of Liberty Telecommunications Holdings, Inc. In February 2009, it submitted an unsolicited proposal for the government’s Laiban Dam project.
More recently, San Miguel announced that it had entered into a non-binding agreement to acquire a significant stake in Private Infrastructure Development Corp. (PIDC), the consortium behind the 88.57-kilometer Tarlac-Pangasinan-La Union Toll Expressway project.
Cojuangco reported:
“We have moved beyond consumer products and services, and are working towards programs that make a real difference in people’s lives. We are proud to be part of a San Miguel that keeps as many people as possible working, earning and contributing to the economy”
“We hope to see in a few years, more efficient and affordable electricity services, more accessible and affordable fuel, the creation of thousands of new jobs, and a sustainable supply of potable water for millions of residents in the National Capital Region.”
Cojuangco pointed out that despite the world’s deepening economic woes, San Miguel was able to attract foreign investors from Japan, Southeast Asia, the United States, and the Middle East for its projects.
The chief executive, however, acknowledged lingering scepticism from some quarters for the company’s strategy, first articulated in 2007. He said.
“Some of these doubts still linger, but let me assure you that the San Miguel we have built has the resources and preparedness to run these new ventures as efficiently as we do our traditional businesses. While the global financial meltdown has sent many companies into full retreat, our company is powering ahead, investing heavily in a strategy to reaccelerate growth.”
Minus non-recurring gains on the sale of investments, SMC reported strong net income results, totaling P7.22 billion, 4% higher than in the previous year. Its consolidated sales revenue rose 14% to P168 billion and operating income was up by 26% to P14.8 billion. Cojuangco assured the stockholders, saying:
“As shareholders ourselves, we understand that dividends and earnings from our investments are tied very much to the company’s annual gains. These new ventures will add more value to our investments—complementing the contributions of our traditional businesses.”
San Miguel stockholders, meanwhile, voted in favor of an Exchange Offer to convert 1.104 billion common shares to series 1 preferred shares. Cojuangco explained that while they are optimistic about SMC’s the long-term value, this alternative would be for “more conservative” investors who may have a different risk profile.
Source: San Miguel Press Release.
Bucking the global economic downtrend, San Miguel posted positive results for 2008, which reported P19.3 billion in consolidated net income for 2008, 124% higher than in 2007, is currently undertaking a massive diversification into important industries such as power generation, oil refining, telecoms, water distribution, tollways, and infrastructure.
In his address to stockholders at the company’s annual meeting, SMC Chairman and Chief Executive Officer Eduardo M. Cojuangco Jr., said:
“Beyond seeking profit, we want to be in industries that serve as the backbone of our country’s development, and impact the lives of Filipinos in a meaningful way. We have complete confidence in our country’s potential.”
San Miguel recently invested in Manila Electric Co. (Meralco), the country’s largest power distributor. It has also signed an option agreement to acquire UK-based Ashmore Group’s 100% stake in Sea Refinery Corp., which holds 50.1% of the Philippines’ largest oil refiner, Petron.
The company has also acquired 32.7% of Liberty Telecommunications Holdings, Inc. In February 2009, it submitted an unsolicited proposal for the government’s Laiban Dam project.
More recently, San Miguel announced that it had entered into a non-binding agreement to acquire a significant stake in Private Infrastructure Development Corp. (PIDC), the consortium behind the 88.57-kilometer Tarlac-Pangasinan-La Union Toll Expressway project.
Cojuangco reported:
“We have moved beyond consumer products and services, and are working towards programs that make a real difference in people’s lives. We are proud to be part of a San Miguel that keeps as many people as possible working, earning and contributing to the economy”
“We hope to see in a few years, more efficient and affordable electricity services, more accessible and affordable fuel, the creation of thousands of new jobs, and a sustainable supply of potable water for millions of residents in the National Capital Region.”
Cojuangco pointed out that despite the world’s deepening economic woes, San Miguel was able to attract foreign investors from Japan, Southeast Asia, the United States, and the Middle East for its projects.
The chief executive, however, acknowledged lingering scepticism from some quarters for the company’s strategy, first articulated in 2007. He said.
“Some of these doubts still linger, but let me assure you that the San Miguel we have built has the resources and preparedness to run these new ventures as efficiently as we do our traditional businesses. While the global financial meltdown has sent many companies into full retreat, our company is powering ahead, investing heavily in a strategy to reaccelerate growth.”
Minus non-recurring gains on the sale of investments, SMC reported strong net income results, totaling P7.22 billion, 4% higher than in the previous year. Its consolidated sales revenue rose 14% to P168 billion and operating income was up by 26% to P14.8 billion. Cojuangco assured the stockholders, saying:
“As shareholders ourselves, we understand that dividends and earnings from our investments are tied very much to the company’s annual gains. These new ventures will add more value to our investments—complementing the contributions of our traditional businesses.”
San Miguel stockholders, meanwhile, voted in favor of an Exchange Offer to convert 1.104 billion common shares to series 1 preferred shares. Cojuangco explained that while they are optimistic about SMC’s the long-term value, this alternative would be for “more conservative” investors who may have a different risk profile.
Source: San Miguel Press Release.
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