Phoenix Petroleum Expands Market Share – Manila Bulletin
Listed company Phoenix Petroleum Philippines Inc. further increased its market share to 8.3% in the first half of this year from 7.1% last year, securing its stature as the third largest player in the petroleum industry by deregulated downstream of the country.
Citing data from the Department of Energy (DOE), the oil company said that by grabbing such a big pie in the market, it was able to make its way into the growing market share of independent players in the industry. .
“Phoenix Petroleum leads the pack of independent oil companies with a combined market share now reaching 61% of the total domestic oil market under market conditions that have shifted demand in favor of small retailers,” the company-led said. by Uy in a press release.
Phoenix Petroleum was the only major firm known to Davao businessman Dennis A. Uy before it rose to prominence in the business world as a result of massive business acquisitions he has continued since the Duterte administration took office in 2016.
The oil company further noted that “the cumulative market share of small businesses, excluding end users, increased from 48.8% to 52.5% in the first half of 2021”.
In comparison, the market share of the major players – which is now mainly dominated by Petron Corp. and Pilipinas Shell Petroleum Corp. – had contracted to 40% in the first half of the year, compared to 43.9%, respectively, during the same period in 2020..
Henry Albert Fadullon, Chairman of Phoenix Petroleum, said the company’s expanding market share “not only shows how far we have grown as a brand, but is also very indicative of the ability of new and larger Filipino companies. small to compete with well-established global brands. “
The CEO of the company mainly explained Phoenix Petroleum’s journey as a local oil company in Davao in 2002; then, as its market expanded, it was able to gradually strengthen its presence in the Luzon and Visayas markets over the years as well.
In 2016, the oil company set itself the goal of securing its market place as the third largest player in the industry – and that’s a feat Phoenix Petroleum managed to achieve last year.
Phoenix Petroleum clarified that its fuel market share had “more than doubled over the past decade,” noting that in 2011 it only had 3.3% market share but has grown significantly. at over 8% this year.
He stressed that the commercial segment of his business “was the initial engine of growth, but the retail business has also grown significantly in recent years.”
Given the agile outlook for the country’s oil demand – especially in a post-pandemic economic recovery phase, Phoenix Petroleum has also expanded its retail network with the goal of reaching 700 stations nationwide this year. .
“We remain optimistic for the remainder of the year as nationwide vaccinations continue and more economic activity is restored,” Fadullon said.
In the second quarter of this year, the oil company saw sustained sales with a 70% increase in volumes, which propelled it into its 25% year-on-year growth for the first half of 2021.
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