Phoenix Petroleum Philippines, Inc. (PNX.PS) expects to surpass its performance last year, with revenue and fuel volume up in the first half of 2010, the company announced at its Annual Stockholders Meeting, July 15, at Marco Polo, Davao City.

The independent oil player posted a P178.1 million net income in 2009,18.5% higher than its 2008 figure. For the first quarter of 2010, the company reported consolidated net earnings of P70 million, a 167% increase from the same period last year. The Company is confident that, with proper execution of its 2010 plans and absent any materially adverse developments, its bottomline growth can exceed last year’s numbers.

As of June 30 this year, year-to-date consolidated revenues increased 177% from P2.218 billion to P6.138 billion, reflecting the surge in fuels sales which rose 126% year-on-year from 2009.

Given their significant jump in market penetration, the company is optimistic that its share of the total fuels market can be grown from 1.2% last year to at least 2% in 2010.

The company today has 133 retail stations across the country, and is aiming for at least 150 stations by year-end.

At the stockholders meeting, Phoenix Petroleum also declared a cash dividend of P0.05 per share, with record date of July 15 and ex-date July 12, and a 40% stock dividend, with record date to be announced in due course.

The company’s terminal in Calaca, Batangas recently received its ISO 9001:2008 certification for receiving, storage, and distribution of petroleum fuels.

According to the Department of Energy, demand for petroleum products in 2009 increased 6%, after declining 3.4% in 2008. The market share of independent oil players rose to 21.2% from 18.1% in 2009.