Petron Corporation (PSE: PCOR) reported on Tuesday that its net consolidated net income reached P10.8 billion in 2016. This was 73 percent higher than the P6.3 billion earnings posted in 2015.

Here are three fast facts about Petron’s net income up by 73 percent:

1. Petron said that the record sales volumes, the operational efficiency with increased crude run at higher product yields, and effective risk management drove the company’s performance.

Petron hit total sales of 104.3 million barrels from both its Philippine and Malaysian operations. This is six percent higher than the 98 million sold in 2015. Both markets saw solid growth across key segments namely Reseller, Industrial, LPG, and Lubricants, with nearly all sectors experiencing double-digit growth.

“We exceeded expectations in 2016 and are well-poised to sustain our growth momentum this year with our continued focus on profitable market leadership, optimal product yields from our refinery, and further synergies internally and with other San Miguel companies,” Petron President and CEO Ramon S. Ang said in a press statement.

2. Despite the lower crude prices, Petron said that the increased in volume sales help offset the drop in sales revenue.

Global oil prices started to decline in 2014 when the supply of crude products increased. The benchmark Dubai crude averaged US$41.27 (P2069.48) per barrel in 2016, which was 19 percent lower than the full year 2015 average of US$50.91(P2552.88) per barrel. Petron said that the company’s consolidated revenue decreased by five percent to P343.8 billion.

Despite the crisis in the global oil prices, the company said that it reduced costs and even upgraded its refineries. This has enabled the Company to produce more high-margin fuels and petrochemicals supporting the substantial growth in sales.

3. Petron shares were up 0.91 percent to P8.80 on Wednesday following this announcement.

Petron said that it will continue to grow through its expansions and cost management. The refinery said that its 2016 acquisition of the 140MW co-generation plant from sister company SMC PowerGen Inc. could help lower steam and power costs at the facility.

Petron also said that it will continue its retail expansion in order to serve those underserved markets. “With the expected rise in vehicle sales, the influx of tourists, and more manufacturers setting up shop in the country, we are confident that we will be able to capture this growth since we are backed by the most extensive distribution and retail value chain in the country,” Ang added.

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