LISTED Phoenix Petroleum Philippines Inc. (PPPI) is opening its first retail station in Metro Manila, the 75th outlet of this Davao-based oil player.

“While we are focused on Mindanao, we want to grab opportunities to build in good locations in other areas. With this new station, we are happy to serve motorists in Marikina,” said PPPI president and chief executive, Dennis Uy.

The Phoenix retail and service station in Marikina is located in the gateway to San Mateo and Batasang Pambansa. It held its soft opening in September and will officially open on October 10.

The company is planning to further expand to the north and open retail stations in other areas in Metro Manila, Northern Luzon as well as in Cebu. Phoenix is targeting to open a total of 100 stations by year-end.

To support this expansion effort, Phoenix will be constructing and expanding terminals and depots in strategic sites.

Phoenix currently operates retail service stations in major parts of Mindanao, such as Davao City, Davao del Norte, Davao del Sur, Compostela Valley, Surigao, Bukidnon, North Cotabato, South Cotabato, Agusan del Sur and Sultan Kudarat.

PPPI currently has a market share of 23 percent in the Davao region and 9 percent in the entire Mindanao.

The company posted a net income of P122 million in 2007, a robust growth of 65 percent from the previous year’s earnings. Revenues likewise grew by 59 percent to P2.377 billion in 2007 from P1.494 billion the previous year. The growth was fueled by a substantial increase in sales of petroleum products and revenue in other services.

PPPI, which has a trading symbol of PNX, is the first petroleum company to list in the Philippine Stock Exchange (PSE) after the passage of the 1998 Downstream Oil Industry Deregulation Act. Its shares were first traded at the PSE on July 11, 2007.

The company is engaged in the business of trading refined petroleum products, lubricants, chemicals and an array of car care products and accessories. It also provides services such as depot operation, depot storage, logistics, into-plane and allied services.

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Davao-based oil player expands to metro, Luzon

LISTED Phoenix Petroleum Philippines Inc. (PPPI) is opening its first retail station in Metro Manila, the 75th outlet of this Davao-based oil player.

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