Cebu City – According to the latest data from the Department of Energy (DOE) on fuels market share as of the first half of 2020, leading independent oil player Phoenix has garnered 6.86% of the market, landing it on third place among petroleum companies in the country. Phoenix has climbed one notch higher from its fourth place position in the same period in 2019.
In the first quarter of 2020, Phoenix registered a gross profit of P1.7 billion on the back of revenues of P21.9 billion in the period, leading to earnings before interest, taxes, depreciation, and amortization (EBITDA) of P503 million. Operating income and net loss stood at P179 million and P215 million, respectively.
In the segment of liquefied petroleum gas (LPG), Phoenix reported a 39% increase in volume in the first quarter of 2020 thanks to its key stronghold in Visayas and Mindanao, as well as some headway in the highly competitive Luzon market. Based on DOE data as of the first half of the year, Phoenix enjoys 6.57% of the total LPG market share, up from 5.61% for the whole year 2019.
“Despite the continuing challenges of COVID-19, we are grateful for the continued patronage of our loyal as well as new customers who appreciate the value that we provide through our high-performance and high-quality yet competitively priced products and services,” said Phoenix President Henry Albert Fadullon.
“This latest development in terms of market share affirms the results of the brand market study we implemented that illustrate Phoenix as an emerging and credible brand alternative to the ones Filipinos have been used to in the market. It encourages and inspires us even more to carry out our vision to be an indispensable partner of Filipinos in their daily journey,” added Fadullon.
In an independent brand health study on fuels in 2019, Phoenix was found to be third in terms of brand awareness as well as brand used most often (BUMO). Phoenix was also recognized as Marketing Company of the Year at the 40th Agora Awards organized by the Philippine Marketing Association in January 2020, and most recently earned three citations at the 17th International Business Awards.