Petron Corp. (PSE: PCOR), the Philippines’ largest oil refining and marketing company, more than doubled its net income to P6.3 billion in 2015, despite weak oil prices.

Petron’s 2015 net income improved from its P3 billion net income in 2014. The company attributed the increase to better refining margins, effective risk management and surge in sales volume.

“Petron beat expectations and posted solid results last year,” A Petron media release cited Ramon Ang, the firm’s president, as saying. “Low domestic prices and continued growth in the Philippine and Malaysian economies, coupled with our strategic investments, enabled us to reach record-breaking sales volumes.”

“We are right where we want to be as we continued to grow our business profitably and sustainably,” he added.

The oil refining firm also said that its Philippine and Malaysian operations had a combined sales volume of 98 million barrels in 2015. It grew 13 percent from the 86.5 million barrels sold in 2014. Local sales volume also increased with strong demand coming from reseller, industrial and liquefied petroleum gas (LPG) segments.

As for Petron’s service stations in the Philippines, sales grew by 11percent while LPG grew 16 percent over the period compared to 2014.

“We are definitely on track to deliver better results this year as we reap the benefits of our expansion and upgrading projects. We are well-positioned to take advantage of business opportunities in the downstream oil industry and sustain our growth momentum,” Ang said.

Meanwhile in Malaysia, Petron’s retail gasoline volumes grew by 11 percent, thanks to its rebranding and upgrading program. However, the company registered P360.2 billion in sales revenue, which went down 25 percent from P482.5 billion. The lower sales revenue is blamed on oil prices, which dropped to nearly 50 percent.