PHOENIX Petroleum continues to see positive signs of recovery in its numbers this year despite the economic setbacks and lingering effects of the pandemic.
Its diversified portfolio has been proven to be beneficial with its LPG, terminaling service and asphalt businesses leading with positive results.
In the third quarter of 2023, Phoenix Petroleum’s LPG business recorded a 57 percent growth in Ebitda (earnings before interest, taxes, depreciation and amortization) against the same period last year, even surpassing the Ebitda growth for the whole year of 2022.
This is mainly driven by prudent cost management, and volume and margin improvements. Volume grew by 11 percent compared to the same period last year and 17 percent from the third quarter of last year, while year-to-date margins boasted a 41 percent increase from 2022’s performance in the same period.
Phoenix storage is close to 50 percent leased and it is looking to grow this business, pursuing up to 70 percent of its storage capacity leased out by yearend.
Phoenix Asphalt also contributed largely to the company’s performance this year with year-to-date volume growth of 16 percent.