C08219-2023

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
Nov 16, 2023
2. SEC Identification Number
A200207283
3. BIR Tax Identification No.
006-036-274
4. Exact name of issuer as specified in its charter
P-H-O-E-N-I-X PETROLEUM PHILIPPINES, INC.
5. Province, country or other jurisdiction of incorporation
Davao City, Philippines
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
STELLA HIZON REYES ROAD, BO. PAMPANGA, LANANG, DAVAO CITY Postal Code 8000
8. Issuer's telephone number, including area code
(+63)82-235-8888
9. Former name or former address, if changed since last report
N/A
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
COMMON SHARES 1,442,216,332
PREFERRED SHARES 14,500,000
11. Indicate the item numbers reported herein
Item 9

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Phoenix Petroleum Philippines, Inc.PNX

PSE Disclosure Form 4-30 - Material Information/Transactions References: SRC Rule 17 (SEC Form 17-C) and
Sections 4.1 and 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

Phoenix sustains recovery in Q3 2023 amidst persistent challenges
Background/Description of the Disclosure

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% growth in EBITDA 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% compared to the same period last year and 17% from Q3 of last year, while year-to-date margins boasted a 41% increase from 2022’s performance in the same period.

The Phoenix Terminaling business has made headway in 2023, bringing in additional revenue from leasing out fuel storage this year, compared to the previous year when it was tagged purely as a cost center. As of Q3 2023, Phoenix storage is close to 50% leased. The company is looking to grow this business pursuing up to 70% 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%. It has also maximized its business potential as it posted a 21% increase in gross margin, resulting in a 35% jump in Q3 year-to-date EBITDA from the same period in 2022. Similar to the terminaling business, Phoenix’s asphalt business has been delivering positive growth since day-1 of business.

“The improvement in the third quarter is the product of the team’s resilience, hard work, and discipline despite the challenges of the year 2023. We have diversified our income streams with our terminaling business, and continue to strengthen the other businesses under the Phoenix umbrella,” Phoenix Petroleum President Henry Albert Fadullon said.

Recovery in the retail business has been slowed down by continued economic challenges such as price volatility, high interest rates, and capital constraints, among others, resulting in a quarter-on-quarter decline in EBITDA, and flat volume growth for 2023.

“Despite difficulties, we are confident in our path to long-term, sustainable growth, and will continue to focus on improving and implementing high-impact activities to further sustain our path to recovery,” Fadullon added.
Other Relevant Information

Disclaimer:

The press release contains statements about future events and expectations that constitute “forward-looking statements”. These forward-looking statements reflect the Company’s views at the time such statement were made with respect to future events and are not a guarantee of future performance or developments. Actual results and events may differ materially from information contained in the forward-looking statements as a result of number of factors, including but not limited to any changes in the laws, rules and regulations relating to any aspects of the Company’s business operations, general economic, market, business conditions, and other factors beyond the Company’s control.

Please see attached SEC Form 17-C.
Filed on behalf by:
Name Rosalio II Roque
Designation Legal Manager