1 week ago
6
Petron [PCOR 2.40, up 2.1%] [link] teased its FY24 performance by revealing that its full-year revenues were up 8% to P867.97 billion, with consolidated sales up 10% to 140 billion barrels of oil. PCOR said the sales bump came from the combined impact of network expansion and “strong marketing efforts”, and that it's managed to grow revenues while also “continuously improving efficiency, driving climate action, and supporting nation-building efforts.” PCOR said that its net income was down 16% to P8.5 billion, and that its operating income of P29.22 billion was “unchanged” from FY23’s operating income of P30.72 billion.
MB bottom-line: From a vibes perspective, this was a terrible press release. The number one sign that this year sucked was that PCOR had to “lead” the press release by talking about an 8% increase in revenues. If the year was good, they’d just one-shot it with talk about their net income. You know, like all of our universal banks. SMC is engaging in some soft gaslighting here, especially when they talk about their operating income being “unchanged” when, in reality, it’s actually down 5%. In a world where making an 8% gain is headline news, making a 5% decline is also noteworthy and definitely not something comfortably dismissed. SMC is a leader in fuel distribution, but as the upcoming IPO of Top Line [TOP] demonstrates, they’re not dominant. They’ve largely squandered their incredible headstart.
Merkado Barkada is a free daily newsletter on the PSE, investing and business in the Philippines. You can subscribe to the newsletter or follow on Twitter to receive the full daily updates.
