Phoenix Petroleum Philippines Inc. has launched a rewards program for patrons who drive public-utility vehicles (PUV) and who lost their livelihood due to the COVID-19 pandemic, as it touts having outperformed and “remained relatively unscathed” compared with the oil giants in the country.
The Davao-based firm chalked up a gross profit of P1.7 billion and revenues of P21.9 billion in the first quarter of 2020. The company reported an Ebidta (earnings before interest, taxes, depreciation and amortization) of P503 million, although the bottom line was a net loss of P215 million.
“Compared to what has been reported by the industry, we generated an operating income and a positive Ebitda,” Phoenix president Henry Albert Fadullon said in a statement.
“Further, we are encouraged by positive results in April and May enough to suggest [that the] worst is behind us,” Fadullon said.
He said Phoenix was able to navigate the downturn better than the big players due to earlier investments in strategic, higher-margin and diversified businesses areas such as retail and liquefied petroleum gas (LPG).
Phoenix’s LPG sales volume rose by 39 percent amid double-digit growth in its core markets in th Visayas and Mindanao as well as sustained expansion in Luzon.
Fuel retail volume was also higher by 9 percent following network expansion in 2019. Phoenix has 660 stations operating nationwide as of the end of March.
To preserve resources amid international geopolitical tensions and the pandemic, Phoenix promptly adjusted to demand changes by keeping inventory levels to half of terminal capacity, which reduced the burden on working capital.
Phoenix’s Bangon Tsuper initiative is a special rewards redemption program for PUV as well as transport network vehicle services drivers who are active members of the Phoenix Tsuper Club.
Bangon Tsuper runs until Aug. 5 at more than 50 participating stations in Luzon. The drivers can use their earned points to redeem exclusive Phoenix products such as digital transaction services devices, 11 kilograms LPG, motor oil, Phoenix Petroleum gift certificates and FamilyMart gift certificates.
“As the country prepares for the eventual return of mass transportation, we … recognize the plight of … drivers who have lost their source of income for the past three months,” Fadullon said.
The “program aims to provide assistance to them by giving access to reward items that may help ease their expenses at home and on their livelihood, or provide additional earning opportunity,” he added.
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