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Brix Lelis - The Philippine Star
March 5, 2025 | 12:00am
In a stock exchange filing yesterday, Petron said its board of directors approved the issuance of up to P25 billion in bonds, alongside an oversubscription of up to P7 billion.
Businessworld / PETRON.COM
MANILA, Philippines — Listed oil giant Petron Corp. is further beefing up its war chest with the planned issuance of up to P32 billion worth of retail bonds this year.
In a stock exchange filing yesterday, Petron said its board of directors approved the issuance of up to P25 billion in bonds, alongside an oversubscription of up to P7 billion.
The offer, the company noted, forms part of its shelf bond registration program rendered effective by the Securities and Exchange Commission and valid until September 2025.
Petron has yet to disclose additional details about the fundraising activity, including the use of proceeds and the coupon rates.
In 2021, the firm raised about P18 billion from the first tranche of its P50-billion shelf registration.
Amid persistent headwinds, Petron saw its net income decline by 16 percent to P8.47 billion in 2024 from P10.1 billion in 2023.
The drop was attributed to continued volatility of global oil prices caused by geopolitical conflicts in the Middle East and weakening demand from China.
Revenues, on the other hand, edged eight percent higher to P867.97 billion from P801.03 billion, on the back of robust domestic and international operations.
Consolidated sales volume improved by 10 percent to 139.85 million barrels, with Petron’s Philippine operations and Singapore trading unit hitting a 16-percent jump in combined sales.
Petron Malaysia, however, encountered challenges due to “policy changes in fuel subsidies,” the company said.
“These results demonstrate our ability to adapt to market conditions while strengthening our leadership,” Petron president and CEO Ramon Ang said.
“With the continued support of our customers, employees and partners, we remain focused on sustainable growth and contributing to our country’s economic progress,” Ang said.
A subsidiary of the San Miguel Corp, Petron is engaged in the business of refining crude oil as well as in the marketing and distribution of refined petroleum products.
