Fuel distributors profits rebound

The improvement comes against the backdrop of a turbulent year for oil markets, with the Iran war pushing up international costs. However, as half-year results trickle in on the bourse, it is clear that distributors are seeing stronger earnings due to changes to the fuel pricing framework and the sale of stock at higher prices than what was expected.

Engen has raked in a half-year P52 million profit before tax in the six months ended June, compared with P10 million a year earlier, whilst the distributor's revenue rose 18% to P1.6 billion.