Phoenix Petroleum allots P1b for capex


Phoenix Petroleum Philippines is earmarking P1 billion in annual capital expenditures over the next few years from internally-generated cash for expansion program to boost growth.

“We will continue expanding our retail business by leveraging on our existing strategic partnerships such as the joint ventures, as well as monetizing our brands through franchising. Building on the momentum of LPG [liquefied petroleum gas], we will also continue focusing on our cylinders to reach more households nationwide,” Phoenix president and chief executive Henry Albert Fadullon said in a statement Monday.

Fadullon said the reimposition of community quarantine restrictions in March posed challenges to consumer demand anew, but first-quarter performance could be considered better than last year at the start of the COVID-19 pandemic.

Phoenix posted a net income of P63 million in 2020 on stronger financial performance in the fourth quarter and cost-cutting measures. The company posted a profit of P1.494 billion in 2019.

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