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Phoenix Petroleum names new president

By Myrna M. Velasco

Listed firm Phoenix Petroleum Philippines, Inc. has named Henry Albert R. Fadullon as its president effective June 1 this year, replacing Dennis A. Uy, the founder and who is also the chairman of the oil company which started its growth journey in Davao.

Henry Albert R. Fadullon

Henry Albert R. Fadullon

Prior to this post, 52-year-old Fadullon has been chief operating officer (COO) of the oil company – starting when he joined Phoenix Petroleum in 2017. He is the second executive designated in that C-suite position, patently taking it over from the man who put up the company.

“Fadullon has been at the helm of Phoenix’s robust operations leading the company to exponential growth and expansion in the past years, including the integration of several acquisitions and new ventures,” Phoenix Petroleum has noted.

Fadullon for his part indicated “as the new President of the company, I vow to continue working towards our goal of becoming an indispensable partner in the journey of everyone whose life we touch, and seek excellence in everything we do.”

As changeover in the company’s top management post came about, Phoenix Petroleum reported a net loss of ₱215 million in its first quarter operations, as opposed to the ₱415-million income logged in the same period last year.

The oil firm’s earnings before interest, taxes, depreciation and amortization (EBITDA) has also been immensely diminished to ₱503 million compared to flourishing ₱1.4 billion in the same first three months of last year.

The company said one contributing factor to its weaker financial result in January-March had been the full consolidation of its liquefied petroleum gas (LPG) business in Vietnam, which subsequently resulted in 6.0 percent hike on its operating expense.


Source: Manila Bulletin (https://business.mb.com.ph/2020/06/01/phoenix-petroleum-names-new-president/)

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