2018 was a good year for businessman Dennis Uy.
Not only did the rising Davao-based tycoon add more businesses in his growing conglomerate portfolio (FamilyMart, Conti’s, H2O Ventures, ISM Communications Corp., etc.), Uy’s name also made the headlines after his company Mislatel emerged as the country’s long sought-after new major telecommunications player.
In the recently released 2018 financial reports of Phoenix Petroleum Philippines, the same tale is also told of the businessman’s success.
“The Company showed stellar growth in 2018 despite a confluence of industry challenges in the fourth quarter arising from the sharp decline in benchmark crude,” the company said in a statement. Phoenix Petroleum is Uy’s first publicly traded company that he listed on the Philippine Stock Exchange in 2007.
Gross revenues of the firm in 2018 doubled to P88.6 billion from just P44.5 billion in the previous year. Likewise, its profits also surged by 82 percent to P2.8 billion from just P1.5 billion in 2017.
The company attributed its financial growth in 2018 to the volume increase in fuels and LPG for its local businesses, resulting in the growth of its retail volume.
Its businesses overseas also performed well last year. PNX Petroleum Singapore, its trading and supply arm, recorded 758 million liters of volume sold to third parties, including Southeast Asia.
“We are positioning ourselves for more success in 2019 and beyond, with a focus on growth, execution, and delivering for our customers and shareholders,” added Phoenix Petroleum Chief Operating Officer Henry Albert Fadullon.
Uy’s buying spree, which accelerated in 2017, is also reaping benefits. One particular case is the convenience store chain FamilyMart.
“One year after acquisition, the convenience store retailing business, through Philippine FamilyMart (PFM), delivered significant efficiency improvements for customers through higher fill rates and improved equipment uptime,” the company said.
Average daily sales grew by eight percent while operating costs were trimmed to 14 percent in 2018.
Among the other notable businessesÂthat Uy acquired stakes in starting 2017 were 2Go Group Inc., Enderun Colleges, and Global Gateway Development Corp. The latter is Uy’s subsidiary responsible for the development of Clark Global City.
The steady rise in Phoenix Petroleum’s financials started in 2017. That year, its gross revenues increased by 46 percent and its net profits rose by 39 percent. Prior to that, its revenues barely grew and even slightly dipped in 2015. (see infographic above).
Uy is also known as a staunch ally of President Rodrigo Duterte, who was elected in 2016. During Phoenix Petroleum’s anniversary listing, Duterte personally attended the event at the Philippine Stock Exchange's old headquarters in Makati.
A 2016 report from the Philippine Center for Investigative Journalism revealed Uy is Duterte’s third biggest campaign donor with P30 million. This makes up eight percent of the total campaign funds Duterte filed with the Commission on Elections.
This story originally appeared on Esquiremag.ph.
* Minor edits have been made by the Entrepreneur.com.ph editors.