Petron Corp. powered through global oil headwinds to post a P9.7-billion net income in the first nine months of the year, a 37 percent jump from P7.1 billion last year, driven by stronger domestic sales, lower costs, and improved refinery efficiency.

In a stock exchange report on Tuesday, the country’s lone refiner sustained growth despite a volatile international market pressured by geopolitical tensions, shifting energy policies, and the lifting of supply cuts that weighed on oil prices. 

“As a refiner, we have had to balance financial resilience with delivering value across every aspect of our business. This year, the market has presented even greater challenges, yet we are proud of how we have stood against external pressures and even competition,” Petron President and CEO Ramon S. Ang said.

Dubai crude averaged $71 per barrel from January to September, down 13 percent from a year earlier.

Combined sales from the Philippines and Malaysia rose 3 percent to 84.7 million barrels, led by an 11 percent increase in Philippine retail sales as Petron tightened its grip on the local market.

Higher domestic volumes and better output from refineries in Limay, Bataan, and Port Dickson, Malaysia, helped offset weaker refining margins, which slipped 11 percent during the period.

Despite lower global prices, revenues hit P594.9 billion, down 10 percent from P657.9 billion last year, while operating income climbed 20 percent to P26.6 billion.