PETRON Corp. on Tuesday said it recorded a strong first-quarter performance with net income growing 16 percent to P3.93 billion from P3.40 billion a year earlierIn a filing, the country's largest oil refiner said that consolidated revenues also increased by 21 percent, to P227.64 billion from P188.75 billion, on strong volume growth.

"We are pleased to start the new year on a strong note and we hope to sustain this momentum as we work toward new goals this 2024," Petron President and Chief Executive Officer Ramon Ang said.

Petron, part of the San Miguel Group, said broad-based growth was recorded across all business segments of its Philippine and Malaysian operations.

Consolidated sales hit 35.29 million barrels in the first quarter, up 23 percent year on year and led by higher production at its refineries in Bataan and Port Dickson.

Consolidated retail sales and commercial sales both increased by 11 percent compared to the previous year on sustained market recovery and higher jet fuel and liquefied petroleum gas (LPG) sales.

Operating income grew 21 percent to P10.17 billion from last year's P8.42 billion despite challenging macroeconomic headwinds, Petron continued.

Export volumes surged by more than 90 percent, arising from additional export volumes due to higher refinery production.