PETRON Corp. on Tuesday reported a 51-percent increase in net income for 2023 to P10.1 billion from around P6.7 billion in 2022.

The oil firm attributed the earnings increase to "effective volume-generating strategies" in the Philippines and Malaysia amid continued efforts to optimize assets and resources, and respond to market volatility, among others.

"Our strategy to capture the economic resurgence and minimize external pressures played a key role to our success," Petron President and Chief Executive Officer Ramon Ang said in a statement.

"While challenges remained, our company managed to deliver significant improvements in high-demand sectors," he added.

Petron's revenues for the year were lower at P801 billion, down 7 percent from P857.6 billion in 2022, despite higher sales as oil prices continued to correct from high levels in 2022.

The full-year average price of benchmark Dubai crude in 2023 was said to have hit $82 per barrel, down from $96 in 2022.

Sales rose by 13 percent to 126.9 barrels from 112.8 million in 2022.

Petron said its volume performance was driven by the significant growth in jet fuel and liquefied petroleum gas (LPG) sales, backed by higher production at its Bataan and Port Dickson refineries.

In the Philippines, Petron sold 79.5 million barrels, up from the 68.5 million barrels recorded in 2022, driven mostly by growth in the jet fuel business that saw a 50-percent gain.

The company said that overall, it fortified its leadership in the retail, industrial and LPG market, supported by a sustained economic recovery and market strategies.

Plans for this year include reinforcing growth and nation-building efforts by expanding the retail and logistics network together with sustainability initiatives.

"We look back at 2023 as we celebrated our 90th year. We made much progress in the things we wanted to accomplish like our financial recovery and further expansion," Ang said.

"Looking ahead, we are inspired to be more reasonable, accountable and sustainable as we continue to grow our business."

Petron's share price rose by 1.55 percent to P3.27 on Tuesday.