Pandemic Impact to Petron Corporation Financial Performance for the years 2019 to 2021

AN ASSESSMENT OF COVID-19 PANDEMIC IMPACT ON PETRON

CORPORATION FINANCIAL RATIO FOR THE YEARS 2019 TO 2021

A Research Paper Presented to the

School of Business and Accountancy
Holy Angel University

In Partial Fulfillment of the Requirements for the Degree

Bachelor of Science in Management Accounting

Submitted by:
BORROMEO, Vine F.

BOWAT, Cherrybelle B.

CALIGAGAN, Myka D.

CRISTOBAL, Kyna C.

MORAL, Christine Joy C.

PEÑA, Patricia L.

March, 2023

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Pandemic Impact to Petron Corporation Financial Performance for the years 2019 to 2021

HOLY ANGEL UNIVERSITY

SCHOOL OF BUSINESS AND ACCOUNTANCY
#1 HOLY ANGEL AVENUE, STO ROSARIO, ANGELES CITY 2009 PHILIPPINES

APPROVAL SHEET

This Business Research proposal entitled “An Assessment of Covid-19 Pandemic Impact
on Petron Corporation Financial Ratio for the Years 2019 to 2021” submitted by Borromeo, Vine
F., Bowat, Cherrybelle B., Caligagan, Myka D., Cristobal, Kyna C., Moral, Christine Joy C., and
Peña, Patricia L., for the degree, Bachelor of Science in Management Accounting, has been
examined and is recommended for acceptance and oral examination.

                  Ms. Kathrina Joy A. David

            Adviser

ORAL EXAMINATION 
Approved by the Committee on Oral Examination with a grade of ______ on
______________.

Printed Name and Signature Printed Name and Signature                

          Member   Member
Printed Name and Signature   
 Member

APPROVAL
Accepted and approved in partial fulfilment of the requirements for the degree, Bachelor of
Science in Management Accounting.

Printed Name and Signature

Dean, School of Business and Accountancy

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Pandemic Impact to Petron Corporation Financial Performance for the years 2019 to 2021

TABLE OF CONTENTS

TITLE PAGE………………………………………………………………………………………….…i

ABSTRACT………………………………………………………………………………………….…..ii

ACKNOWLEDGEMENTS………………………………………………………………………….…iii

TABLE OF CONTENTS………………………………………………………………………………iv-v

INTRODUCTION……………………………………………………………………………..1-2

REVIEW OF RELATED LITERATURE…………………………………………………..2-11

COVID-19 Influence on Travel Restriction…………………………………..….………2

COVID-19 Pandemic Cause Decreases in Demand……………………………….3-5

COVID-19 Cause Decreases in Revenue of Fuel Industry……………………..…5-6

COVID-19 Made Inventory Losses…………………………………………………..6

COVID-19 Put the Fuel Industry at Risk……………………………………….…6-7

COVID-19 Influence on Oil Price Changes………………………………………7-9

Financial Ratio Used as Measurement Tool for Corporation Performance…...9-11

STATEMENT OF THE PROBLEM…………………………………………………11

SIGNIFICANCE OF THE STUDY…………………………………………….….11-12

CONCEPTUAL RESEARCH………………………...……………………………….12

METHOD………………………………………………………………….………...13-16

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Pandemic Impact to Petron Corporation Financial Performance for the years 2019 to 2021

Research Design……………………………………………………………..….13

Data Collection Procedure……………………………………………..…...13-14

Data Analysis………………………………………………………………...14-16

RESULTS………………………………………………………………..………….16-23

CONCLUSION………………………………………………….………………….24-25

RECOMMENDATION…………………………………………………………….25-26

REFERENCES………………………………………………………..…………….27-32

APPENDIX…………………………………………………………………………..33-40

CURRICULUM VITAE

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Pandemic Impact to Petron Corporation Financial Performance for the years 2019 to 2021

List of Tables

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Pandemic Impact to Petron Corporation Financial Performance for the years 2019 to 2021

ACKNOWLEDGEMENT

This research study, in compliance with our research proposal, was successfully

completed due to the time and effort that each member of our group devoted and the

collaboration, coordination, and unity that we each dedicated in order to create and finish this

study.

The researchers would like to thank God, the Almighty, for giving them strength and

wisdom to understand and finish the research study.

We would also like to extend our sincere gratitude to Ms. Kathrina David, our research

adviser, whom without her guidance throughout our research study; nothing would have been

successfully accomplished.

And to all those who have helped made this successfully possible, we are genuinely and

wholeheartedly grateful for all your help and support.

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Pandemic Impact to Petron Corporation Financial Performance for the years 2019 to 2021

ABSTRACT

The study aims to investigate the impact of COVID-19 pandemic on Petron Corporations

financial performance for the years 2019 to 2021. The study uses secondary financial data

including books, journals, articles, and research reports. The measurement of financial

performance consists of calculating many financial ratios: current ratio and quick ratio as

liquidity measures; debt to equity ratio and debt to asset ratio as an indicator of solvency; gross

profit margin, net profit margin, return on asset and return on equity as an indicator of

profitability. The result show viable sign from 2020 and 2021 that the company struggled to

maintain a stable liquidity ratio. The result also shows that the company is maximizing its choice

of financing its growth in equity through debt. However the profitability ratio, show a significant

difference before and during the outbreak of COVID-19. Finally, this study provides valuable

evidence to regulators and decision-makers about the financial performance of Petron

Corporation in terms of demand, revenue and inventory due to COVID-19 pandemic.

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Pandemic Impact to Petron Corporation Financial Performance for the years 2019 to 2021

AN ASSESSMENT OF COVID-19 PANDEMIC IMPACT ON FINANCIAL

PERFORMANCE OF PETRON CORPORATION FOR THE YEARS 2019 TO 2021

INTRODUCTION

The world's oil market has been one of the hardest damaged economic sectors.

Consumers are driving less and flying less as a result of the remarkable increase in teleworking

and remote learning, which has resulted in a significant reduction in demand for oil products.

The drop in business and leisure travel has had the greatest impact on aviation fuels, which is the

most, affected of the oil market segments. In the Global Oil and Gas Industry (2020), the

ongoing COVID-19 pandemic has wreaked havoc on a variety of industries, but the worldwide

oil and gas industry may have suffered the most. Many oil and gas businesses have had to cease

or slow down their physical operations as a result of the virus's spread, which has had an impact

on both upstream and downstream output.

This study is used to identify the difference before and during the crisis of the pandemic

period. Akdeniz et al (2021) stated that the pandemic greatly impacts gas stocks and also affects

gas prices. The virus that has been spread globally has become a factor in the gas demand

decline. Previous studies about the positive feedback about the increasing oil price makes market

stocks of gas increase demand turned into a negative when the pandemic began since the

increasing of gas price decreases the demand due to the unexpected increase in unemployment.

The fast rate of spreading the virus during the year 2020 has been expected to decrease

some of the demand for products. Utilities that are mostly used like transportation gas,

electricity, and water will most likely increase their price. Camp (2020) stated that when the

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Pandemic Impact to Petron Corporation Financial Performance for the years 2019 to 2021

pandemic has started, the production of gas has decreased to balance the supply and the demand

since the expected price of gas will most likely increase. Global demand for petroleum gas

started to decrease during that period.

Now that COVID-19 made a great adverse to the economy, particularly in the oil future

market, thereby led the energy demand to substantial fall putting some industries to made effects

on the income and cost structure. Buszko et al (2021) Thus, a gap remains because no one knows

how long the pandemic will run or how much would be the effect it would cost, the ramifications

of changes and transformations in individual industries particularly in the oil industry are now

hard to foresee. Moreover, understanding and analyzing the economic impact of COVID-19 is

significant. COVID-19 is a new phenomenon and studies regarding this are still new that need to

be uncovered.

Review of Related Literature

COVID-19 Influence on Travel Restriction

Amid Covid-19's influence on oil demand and pricing, the entire sector is experiencing

some difficulties. Domestic spending has decreased, as expected, owing to travel prohibitions

and restrictions, particularly in the retail and airline industries Ang (2020). Since the country's

strengthened community quarantine was imposed, certain Petron stations have temporarily

closed or reduced their hours of operation due to a lower number of vehicles on the road. Petron

is putting a lot of effort into reducing costs and saving money. Because of the pandemic, the

company has activated its Business Contingency Plan to deal with the catastrophe.

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Pandemic Impact to Petron Corporation Financial Performance for the years 2019 to 2021

Du (2021) forecasts the situation on traffic, fuel consumption, and emissions since these

are all interconnected. The result shows that traffic demand has decreased to 55% and fuel

consumption and emissions have decreased to 90%. Decreasing the route of the networks

gradually decreases the traffic demand.

The transportation sector is one of the highly affected by the COVID-19 pandemic. The

government sets different restrictions, particularly in the transportation sector implementing

travel bans to minimize the spreading of the virus stopping the capabilities of most commuters,

and transporting passengers going to different places. Prioritizing the passenger’s safety by

limiting the passenger’s capacity in every mode of transportation. Therefore, resulting in a

significant drop in transportation revenue affecting the consumption of fuel energy.

COVID-19 Pandemic Cause Decreases in Demand

The Covid-19 (coronavirus disease) pandemic has had a tremendous impact on the

gasoline industry, as well as many other industries, over the last year. Due to a lack of economic

activity and the lockdown caused by the virus, there is no denying that demand has dropped. As

the number of Covid-19 cases increases, the demand for petroleum and fuel continues to

relatively decrease. As proven by the Department of Energy (2020), the demand for diesel oil

gasoline decreased by 21.3 percent and 20.2 percent, and demand for liquefied petroleum gas

decreased by 4.6 percent respectively, in the year 2019. A 22.8 percent decline in total petroleum

consumption in the first six months of 2020, with 35.4 percent of fuel imports dropping,

according to the Department of Energy's report. Petron Corporation (2020) recorded

consolidated revenues of P152.4 billion, down from P254.8 billion in the same period last year.

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Pandemic Impact to Petron Corporation Financial Performance for the years 2019 to 2021

The company's combined sales volume from its Philippine and Malaysian operations plummeted

19 percent to 41.9 million barrels from 51.9 million barrels a year ago, resulting in a sharp drop

in gasoline demand as a result of COVID-19's impact. Tian (2021) in Canada states that fuel

consumption has decreased and reached a peak in April 2020 and recovered in May 2020.

Consequently, many oil and gas businesses have had to cease or slow down their physical

operations as a result of the virus's spread, which has had an impact on both upstream and

downstream output. Dealing with decreasing product demand and coming to terms with the

decline in prices is a stark reality for many companies in the next months as the global oil and

gas industry continues to assess the overall effect of the coronavirus epidemic on oil demand and

what the future holds. Thus, Hall (2021) states that the business has had to rethink how it would

exist in 2021 and beyond, to recuperate lost earnings and thrive despite a reduction in oil prices

and fewer people driving their cars until the lockdown limitations are lifted.

COVID-19 had spread to other Asian countries. The World Health Organization declared

a global emergency in February after cases were recorded across Europe and the United States.

Therefore, the demand for petroleum and petroleum products decreased as global economic

activity slowed dramatically. As a result of the decline in demand and a sudden surge in supply,

crude oil prices fell dramatically, with ramifications for refined petroleum products and other

downstream goods, such as gasoline. The early price decline gave way to reduced oil supply and

some renewed demand as economies reopened.

Smith (2021) shows the fuel consumption of 38 countries. The result shows that the fuel

consumption during the first two quarters of the pandemic resulted in a negative value. First

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Pandemic Impact to Petron Corporation Financial Performance for the years 2019 to 2021

world countries have negative results in the first year and became more negative in the preceding

year.

Covid-19 Cause Decreases in Revenue of Fuel Industry

The COVID-19 pandemic has changed the way people live. As people welcome the new

normal, social distancing and any restrictions particularly in social gatherings became the new

norm many people. The lockdown, social restrictions, and travel ban prompted most people to

stay at home, disrupting company operations and lowering energy and fuel demand. An impact

on energy prices for a variety of refined petroleum products fell substantially during the

beginning of the crisis. Camp 2020).

Ang (2020), Petron Corporation's consolidated revenues declined by 16 percent to P104.6

billion in the first three months of 2020, compared to P124.6 billion the previous year. With 24.7

million barrels sold, the Philippines and Malaysia's aggregate sales volume fell short of the

previous year's 26.3 million barrels. It also recorded consolidated revenues of P152.4 billion,

down from P254.8 billion in the same period last year. The company's combined sales volume

from its Philippine and Malaysian operations plummeted 19 percent to 41.9 million barrels from

51.9 million barrels a year ago, resulting in a sharp drop in gasoline demand as a result of

COVID-19's impact. Because both countries implemented rigorous lockdowns near the end of

the quarter, prohibiting travel and economic activity to prevent the virus from spreading, demand

for fuel has plummeted.

In Yang (2021), Petron’s chief financial officer Emmanuel E. Erana quoted the pandemic

as causing huge losses in the corporation, especially in the first half of 2020. The coronavirus

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Pandemic Impact to Petron Corporation Financial Performance for the years 2019 to 2021

diseases 2019 (COVID-19) pandemic affected and reduced the volume sales of Petron. A 27

percent drop in volume recorded at 78.6 million barrels compared to last year of 107 million

barrels resulted in an almost 44 percent loss in revenue of 286 billion from P514.4 billion seen in

Petron. Even though the number of oil barrels sold and revenues reduced during 2020, Petron's

attributable net income for the three months ended March was P1.4 billion, up from P4.61 billion

losses in the same period last 2019.

COVID-19 Made Inventory Losses

In the annual report released by Petron, due to the prolonged crisis that the country

experienced, the domestic volume of Petron Corporation dropped by 40%, and 13 billion

inventory losses were recorded from the time when the strictest quarantine months were

implemented from March to June of 2020 which took a massive hit on the full-year financial

performance of the corporation.

COVID-19 Put the Fuel Industry at Risk

A combination of economic and health issues had prompted the development of new

employee and customer interaction norms, unprecedented remote working, supply chain re-

engineering, and countless bankruptcies, mergers, and creative alliances, as well as a re-

engineering of supply networks, according to Klint (2021). With these developments and the

long-term risk outlook, businesses are questioning how to plan for the future. Their survival and

growing resiliency are front of mind for them. Additionally, as ongoing pandemic consequences

and competitive positioning, recent cyber-attacks, catastrophic climatic catastrophes, and social

instability are all requiring workplace and community changes.

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Pandemic Impact to Petron Corporation Financial Performance for the years 2019 to 2021

However, some companies were unfortunate to meet an end to the effect of the COVID-

19 pandemic, since due to the continuous decrease in refining margins and the lower oil demand

caused by lockdowns, the 180,000-barrel-per-day (BPD) Petron Bataan Refinery was compelled

to reduce production and was temporarily shut down in May 2020 to avoid more losses.

Nevertheless, in October 2020, it resumed normal operations but announced it would be

closed very soon addressing tax woes as the reason for the permanent closure of the refinery

wherein oil refiners levied a 12 percent input value-added tax (VAT) on imported crude oil that

will be processed and then sold as a finished product and another 12 percent output VAT and

excise tax is also applied to the finished product. Importers, on the other hand, only have to pay

VAT and excise taxes on finished goods. Therefore, resulting in price fluctuation and losses of

the Petron Corporation from selling refined fuel. This puts the Philippines at risk of becoming

completely reliant on foreign oil products, which are mostly derived from China and South

Korea.

COVID-19 Influence on Oil Price Changes

The COVID-19 pandemic has claimed countless lives and threatens livelihoods and

companies all over the world. Because of the pandemic, the energy industry, in particular, has

been put under severe strain. As the price of gasoline and cooking gas continues to rise, the price

of necessary commodities rises continuously, making daily living more expensive than ever

before, per Marrow (2021). Rising oil prices have also been a major driver of inflation, since

they cause price increases in fuels such as gasoline and diesel, acting as a drag on the weak

economic recovery and oil consumption, per Yuksel (2021).

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Pandemic Impact to Petron Corporation Financial Performance for the years 2019 to 2021

As the number of cases of the coronavirus continues to rise, officials are imposing further

limitations that will most certainly limit travel and gasoline demand. As a result, starting

Tuesday morning, September 28, 2020, oil companies will hike their rates for two consecutive

weeks. Flying V, Petro Gazz, Shell, Unioil, Petron, and PTT Philippines have all announced

price increases of PHP0.20 per liter for gasoline and PHP0.05 per liter for diesel. Wood (2020)

states the ongoing virus that is affecting the global oil and gas industry which results in shutting

down the industry or slowing down the process. The price of oil cost $67.05 in January 2020 and

drops to $30 in March 2020 and affecting the operations of the industry.

An increase in oil prices during the pandemic in the advanced economy depicts that the

oil demand has increased but in developing countries like the Philippines, the increase in oil

price may decrease the oil demand. Baclig (2020) stated that in October 2020, an increase in the

price of oil affects the price of the transportation fare.

Nyga-Łukaszewska and Aruga (2020), show that the total number of COVID-19

instances hurt crude oil prices in the United States, but had a favorable impact on natural gas

prices. It also shows that the COVID-19 pandemic impacted both crude oil and natural gas

markets in the United States, affecting both short- and long-term partnerships. While in Japan,

however, only a short-run shock with a lag was discernible in the crude oil market, with no trace

of that shock in the natural gas market. Hence, it is theoretically possible that the COVID-19

cases caused a simultaneous shock for the US, affecting both supply and demand, while the

pandemic only affected the demand side of the Japanese oil and gas markets.

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Pandemic Impact to Petron Corporation Financial Performance for the years 2019 to 2021

Aguilar (2021) stated that the Philippines is not an oil-producing country and due to the

increase in oil, all fuels are affected and may also increase in the year 2020. Manufacturing

industries and transportation services use oil and that affects most of the prices of the goods will

also be affected.

Financial Ratio Used as Measurement Tool for Corporation Performance

Brigham and Ehrhardt (2010), to better understand the firm’s financial performance;

companies may use financial ratios to summarize the larger data. In addition to Jurkowski and

Daly (2015), there are mentioned main groupings of financial ratios: liquidity ratio which

indicates the company’s ability to pay off its obligation such as Current Ratio that can be used

but does not guarantee its accuracy meanwhile Quick Ratio can be used to provide more clarity

in the data; profitability/efficiency ratio which is said to be more ambiguous than the liquidity

ratio and market value ratio which is good for investors to make use of and understand all the

information that is not found in the company’s accounting records.

In the study of Lameira et al. (2012), Profit Margin, Return on Asset, and Return on

Equity are one of the profitability ratios used to evaluate the financial performance of oil-

producing companies.

Profits in the oil and gas business are heavily reliant on revenue earned from the sale of

oil and gas commodities with notably volatile prices. Consequently, oil and gas profit margins

are extremely volatile. As a result, profit margins in the oil and gas sector are more valuable as

indicators of current trends than as justifications for long-term investment or policy decisions.

This indicates Profit margins in the oil and gas business are a key factor for individuals pursuing

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Pandemic Impact to Petron Corporation Financial Performance for the years 2019 to 2021

energy investments, as well as a recurrent political problem when fuel prices increase

significantly. (Horton, M. 2015)

Market value ratios are indicators used by investors to evaluate if a firm is worth

investing in exchange for its stocks, as per Carlson 2019. Its job is to determine if stocks are

overvalued, undervalued, or appropriately priced. Earnings per share and dividends per share are

two of the most prominent market value ratios used by potential and present investors to estimate

the worth of an entity's shares. Earnings per share measure how much profit each share

generates. Dividends per share, on the other hand, are the total of a company's declared dividends

for each outstanding ordinary share (Chen, 2021).

Byju (2022) Liquidity Ratio is used to measure the capacity of a company to manage its

short-term debt.

A study by Thunstrom (2021) presented using the Current Ratio, also known as Working

Capital Ratio, is sufficient to identify if a company’s liquidity is acceptable. It is considered

enough information unlike other liquidity ratios since it represents all of its current assets and

current liabilities when formulating the data and this is stated by Fernando (2021) study. Current

ratio is the Current Assets over Current Liabilities

The Quick Ratio or so-called the Acid Test Ratio is the ratio between the most liquid

assets and current liabilities by an article. Go (2017) considered the quick ratio as more accurate

and conservative than the Current Ratio since not all current assets have a value and this ratio

only includes liquid assets, not all current assets.

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Pandemic Impact to Petron Corporation Financial Performance for the years 2019 to 2021

A study of Byju (2022) states Solvency Ratio is used to identify whether a company has

enough cash flow to manage the debt that is due. This is used to measure the capacity of a

company to manage its long-term debt. This presents a measure of the size of a company’s

income after tax. Liyanagev (2020)

The efficiency Ratio or Activity Ratio is used to analyze current financial performance

and use its resources to produce an income and manage its liabilities effectively as stated by Tws

(2022). This reflects the calculated amount of the return of profit said by CFI (2022).

STATEMENT OF THE PROBLEM

This study aims to evaluate the impact of the COVID-19 pandemic on Petron

Corporation’s financial performance for the years 2019 to 2021. With the COVID-19 pandemic

occurrence that forced people to stay at home during the quarantine period, roads were shut

down and people no longer needed to go outside that often hence the scarcity of demand to fuel

the gas industry, thus this study attempts to give an answer to the following; a. what are the

changes of Petron corporation’s financial ratio for the years 2019 to 2021?; and b. is there a

significant difference between the ratios before and after the pandemic?

SIGNIFICANCE OF THE STUDY

This study will be beneficial to several stakeholders as it intends to provide knowledge

to society. Consumers will enlighten up and give awareness to the consumers regarding the price

of the product they are buying. Business/company owners will be guided on how to manage their

business/company well. It will also increase their knowledge by providing information on what

are the impacts of covid-19 pandemic to their company. On the other hand, investors will be

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Pandemic Impact to Petron Corporation Financial Performance for the years 2019 to 2021

guided in making decisions whether they will take a risk investing in a company despite the

impact of the pandemic. It will also help them to identify potential threats and opportunities in

the market. Government will be aware of the impact of covid-19 pandemic on the economy. It

can also help the government to be prepared and look for probable solutions. Lastly, for the

future researchers the study will be a useful reference and a guide for future researchers who are

planning to conduct any related study about the impact of covid-19 pandemic.

FRAMEWORK
Figure 1

Evaluation of COVID-19 Pandemic to Petron Corporation Financial Ratio for the Years

2019 to 2021

Decrease in
Demand

Petron
Covid-19 Decrease in
Corporation's
Pandemic Revenue
Financial Ratio

Inventory Loses

Note: Figure 1 provides a conceptual framework for categorizing the impact of coronavirus

disease (COVID-19). It illustrates how COVID-19 affects the financial performance of Petron

Corporation in terms of demand, revenue and inventory.

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Pandemic Impact to Petron Corporation Financial Performance for the years 2019 to 2021

METHODS

Research Design

The researcher used causal-comparative research to identify the relationship between an

independent variable and a dependent variable. It is also used to determine the cause-and-effect

relationship of the existing pattern, trends or insight gathered from the first analysis. Since the

study used two sets of data to get the cause and effects.

Data Collection Procedures

This section will discuss the data collection procedures of research through secondary

sources frequently including books, journals, articles, and research reports. Philippines Stock

Exchange Inc. (PSE) is to provide and maintain a convenient and suitable market for the

exchange, acquisition, and sale of all forms of securities and other instruments. PSE edge is the

main source of information in the study other sources are articles, news, and journals with

reliable information.

The information collected will aid in drawing certain conclusions about the Covid-19

affects the financial performance of Petron Corporation. As a result, data collecting is necessary

for analyzing the corporation’s performance and making assumptions about certain things when

necessary. All the financial statements will be verified by expert in the accounting field.

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Pandemic Impact to Petron Corporation Financial Performance for the years 2019 to 2021

figure 2: IPO Method

Input Process Output

Audited consolidated Statement - Liquidity ratio

of Financial Position for the - Profitability ratio

Impact of Covid19 pandemic to
years 2019 to 2021 - Solvency ratio
the financial ratio of the Petron
- Vertical Analysis
Audited consolidated Statement Corporation for the years 2019

of Income Statement for the to 2021

years 2019 to 2021

Data Analysis

Financial ratio analysis is a quantitative tool that managers and investors often enquire

about the potential and financial health of a company. The insights that were gathered in these

tools are liquidity, solvency, profitability, and vertical analysis. This tool was used to assess the

variance of the financial performance between the indicated years. 

Vertical analysis is a tool that is used for analyzing financial statements where the line

items are shown as a percentage of a base figure within the statement. Indeed, Editorial Team

(2021) said that this tool was applied to get the average result for both financial performances.

A financial ratio is a management tool that is useful in understanding financial results

well as providing key indicators of the performance of a certain organization. (Poznansk, J. et al

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Pandemic Impact to Petron Corporation Financial Performance for the years 2019 to 2021

2013) This is also utilized to identify the strength and weaknesses of the company from which

different plans and strategies can be formed. The researchers will use the following financial

ratios:

a. Liquidity Ratio which aims to measure the ability of the company to meet its short-

term obligations. These are the best known and most widely used liquidity ratios and

thus will be used in this research as well. These are the Current Ratio and Quick ratio.

b. Solvency Ratio which aims to measure the company’s ability to meet its long-term

obligation. Two of the common measures used for long-term solvency are Debt to

Equity and Debt to Asset.

c. Profitability Ratio which is intended to measure the efficiency of the company and

how far it can manage its operations. This research will get the profitability ratio by

using the following ratios:

Gross profit margin indicates how much a company earns after deducting the costs of

producing its goods and services.

Net profit margin it calculates net income by dividing it by total revenue. The net

profit margin is useful as a measure of profitability since it takes everything into

account.

Return on assets (ROA) indicates the proportion of net profits to the total assets of the

firm.

d. Vertical Analysis

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Pandemic Impact to Petron Corporation Financial Performance for the years 2019 to 2021

The vertical analysis is a financial statement analysis method that depicts the amount

in each line item in the statement and it is reported as a percentage of a base figure.

The vertical analysis will be used to analyze the financial statements which will be

helpful in understanding the financial ratio.

RESULTS

The accumulated data in order to support the purpose of this study is interpreted

using the indicated financial ratios in this paper. For the first table, the current ratio and quick

ratio were measured from years 2019 to 2021, the duration from when the pandemic drastically

rattled most economies.

As a rule under the current ratio, a result of 1.5 or greater is considered good as it

indicates the capability of the company to pay its liabilities. In 2019, Petron Corporation had a

current ratio of 1.13 which means that they are able to handle debts that are due considering all

of its assets. For 2020 and 2021, a current ratio of 0.89 and 0.99 respectively show a viable sign

that the company struggled to maintain a stable liquidity ratio.

A result of 1 or greater stipulates a healthy quick ratio, from 2019 to 2021, based on

the secondary data available related to this measurement, Petron Corporation does not have

enough liquid assets to pay off short-term debts

Formula 2019 2020 2021

Current Ratio Current Assets / Current Liabilities 1.13 0.89 0.99

Cash and Cash Equivalent + Current

Quick Ratio Receivables / Current Liabilities 0.5 0.37 0.46

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Pandemic Impact to Petron Corporation Financial Performance for the years 2019 to 2021

Table 1. Liquidity Ratio of Petron Corporation

2019

Current Ratio = 179,488,000 / 158,374,000

=1.13

Quick Ratio = 34,218,000 + 44,657,000 / 158,374,000

= 0.5

2020

Current Ratio = 132,294,000 / 149,069,000

= 0.89

Quick Ratio = 27,053,000 + 27,195,000 / 149,069,000

= 0.37

2021

Current Ratio = 188,035,000 / 190,052,000

= 0.99

Quick Ratio = 36,406,000 + 51,745,000 / 190,052,000

= 0.46

Solvency is as important as other ratios since it measures the weight of capital control of

the company between creditors and shareholders. The debt-to-equity ratio from the year 2019 to

2021 has been greater than the standard result of 1 or less, making it risky. This means that the

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Pandemic Impact to Petron Corporation Financial Performance for the years 2019 to 2021

company is maximizing its choice of financing its growth in equity through debt.

Debt-to-asset ratio of Petron Corporation is as risky as its debt-to-equity ratio. The

results range from 0.73 to 0.77 which means that from the year 2019, 77% of its assets are

mostly financed through debt. Although in 2020 and 2021, it dropped from 75% to 73%, this is

still considered unappealing since the assets are dependent on credit.

Formula 2019 2020 2021

Debt to Equity Total Liabilities / Total Equity 3.27 3.06 2.67

Debt to Asset Total Debt / Total Assets 0.77 0.75 0.73

Table 2. Solvency Ratio of Petron Corporation

2019

Debt to Equity = 96,507,000 / 110,913,000

= 2.67

Debt to Asset = 302,405,000 / 394,835,000

= 0.77

2020

Debt to Equity = 302,405,000 / 92,430,000

= 3.27

Debt to Asset = 263,530,000 / 349,725,000

= 0.75

2021

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Pandemic Impact to Petron Corporation Financial Performance for the years 2019 to 2021

Debt to Equity = 263,530,000 / 86,195,000

= 3.06

Debt to Asset = 296,507,000 / 407,420,000

= 0.73

The profitability of a company is often deemed the vital measurement to indicate if

the business is worth extricating. In 2019, Petron Corporation had a gross profit margin of 6%

which is visibly low compared to other industries and incurred a net profit margin of 0. Its

return on assets and equity were also low compared to the standard range of percentages.

In 2020, the peak of the pandemic, the gross profit margin decreased by 3% along

with a negative net profit margin of 4% with return on assets and equity of -3% and -13%

respectively.

In 2021, a year we can consider a recovery phase, the gross profit margin increased

from 3% to 7% along with a 1% net profit margin and return on assets and equity of 2% and 6%

respectively.

Formula 2019 2020 2021

Gross Profit
Margin Total Sales-Cost of Goods sold 0.06 0.03 0.07
Net Profit
Margin Net Profit / Total Revenue 0 -0.04 0.01
Return on
Assets Net Income / Total Assets 0.01 -0.03 0.02
Return on
Equity Net Income / Total Stockholder Equity 0.03 -0.13 0.06
Table 3. Profitability Ratio of Petron Corporation

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Pandemic Impact to Petron Corporation Financial Performance for the years 2019 to 2021

2019

Gross Profit Margin = 574,362 – 483,855 / 574,362

= 0.06

Net Profit Margin = 2,303 / 514,362

=0

Return on Assets = 2,303 / 394,835

= 0.01

Return on Equity = 2,303 / 92,430

= 0.03

2020

Gross Profit Margin = 286,033 – 277,320 / 286,033

= 0.03

Net Profit Margin = -11,413 / 286,033

= -0.04

Return on Assets = -11,413 / 349,725

= -0.03

Return on Equity = -11,413 / 86,195

= -0.13

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Pandemic Impact to Petron Corporation Financial Performance for the years 2019 to 2021

2021

Gross Profit Margin = 438,057 – 407,558 / 438,057

= 0.07

Net Profit Margin = 6,136 / 438,057

= 0.01

Return on Assets = 6,136 / 407,420

= 0.02

Return on Equity = 6,136 / 110,913 = 0.06

VERTICAL ANALYSIS- STATEMENT OF FINANCIAL POSITION

DECEMBER 31, 2019, 2020, and 2021
(Amount in Million Pesos)
2019 Percenta 2020 Percenta 2021 Percenta
ge ge ge
CURRENT ASSETS
Cash and Cash Equivalents 34,218 8.67 27,053 7.76 36,406 8.94
Financial Assets of Fair Value 864 0.22 603 0.17 1,005 0.25
Investments in debt instruments 109 0.03 184 0.05 - -
Trade and receivables net 44,657 11.31 27,195 7.78 51,745 12.70
Inventories 72,210 18.29 44,922 12.84 67,684 16.61
Other current assets 27,430 6.95 32,337 9.25 31,195 7.66
Total Current Assets 179,488 45.46 132,294 37.83 188,035 46.15
NON-CURRENT ASSETS
Investment in debt instruments 311 - 197 0.06 - -
Investment in shares of stock - - - - 1012 0.25
PPE 167,941 42.53 168,831 48.28 171,602 42.12
Right of use asset 5,509 1.40 6,045 1.73 5,648 1.39
Investment Property 29,935 7.58 30,049 8.59 29,175 7.16
Deferred Tax assets 262 0.07 2,190 0.62 2,172 0.53
Goodwill 8,319 2.11 8,031 2.30 8,235 2.02
Other non-current assets 3,070 0.78 2,088 0.60 1,541 0.38
Total non-current assets 215,347 54.54 217,431 62.17 219,385 53.85
TOTAL ASSETS 394,835 100 349,725 100 407,420 100
CURRENT LIABILITIES:
Short term loans 71,090 18.00 77,704 22.22 109,196 26.80
Liabilities for crude oil 39,362 9.97 22,320 6.38 42,641 10.47
Trade and other payables 28,741 7.28 15,402 4.40 14,001 3.44
Derivative liabilities 738 0.19 1,124 0.32 997 0.24

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Pandemic Impact to Petron Corporation Financial Performance for the years 2019 to 2021

Income Tax Payable 267 0.07 162 0.05 302 0.07

Current Portion of long term debt 16,881 4.28 31,114 8.90 21,580 5.30
Total Current Liabilities 158,374 40.11 149,069 42.62 190,052 46.65
NON-CURRENT LIABILITIES
Long-term debt – net of current portion 116,196 29.43 88,340 25.26 81,065 19.90
Retirement benefits liability 3,565 0.90 3,705 1.06 3,327 0.87
Deferred tax liabilities – net 6,348 1.61 3,084 0.88 3,784 0.93
Lease Liabilities 14,454 3.66 14,561 4.16 14,220 3.49
Asset Retirement obligation 1,720 0.44 2,867 0.82 2,857 0.70
Other non-current liabilities 1,748 0.44 1,904 0.54 1,202 0.20
Total non-current liabilities 144,031 36.48 114,461 32.73 106,455 26.13
TOTAL LIABILITIES 302,405 76.59 263,530 75.35 296,507 72.78
Equity Attributable to Equity Holders of
the Parent Company
Capital stock 9,845 2.49 9,485 2.71 9,485 2.33
Additional paid-in capital 37,500 9.50 37,500 10.72 37,500 9.20
Capital securities 25,183 6.38 36,481 10.43 62,712 15.39
Retained Earnings 45,510 11.53 29,799 8.52 30,232 7.42
Equity reserves (16,899) (4.29) (18,371) (5.25) (18,341) (4.50)
Treasury stock (15,122) (3.83) (15,122) (4.32) (18,000) (4.42)
Total Equity Attributable to Equity Holders 85,657 21.69 79,772 22.81 103,588 25.43
of the Parent Company
Non-controlling interests 6,773 1.72 6,423 1.84 7,325 1.80
Total equity 92,430 23.41 86,195 24.65 110,913 27.22
TOTAL LIABILITIES AND 394,835 100 349,725 100 407,420 100
SHAREHOLDERS’ EQUITY
VERTICAL ANALYSIS- STATEMENT OF INCOME
DECEMBER 31, 2019, 2020, and 2021
(Amount in Million Pesos)
2019 Percen 2020 Percent 2021 Percentage
tage age

SALES 514,362 100 286,033 100 438,057 100

Cost of Goods Sold 483,362 93.97 277,320 96.95 407,558 93.04
Gross Profit 30,507 5.93 8,713 2.91 30,499 6.96
Selling and Administrative (15,815) (3.07) (14,389) (5.03) (14,557) (3.32)
Expenses
Interest Expense and other (13,490) (2.62) (11,313) (3.96) (10,008) (2.28)
financing charges
Interest Income 1,340 0.26 780 0.27 564 0.13
Share in net income of an associate - - - - - -
Other Income (Expenses) – Net (312) (0.06) (1,049) 0.37 (312) (0.07)

(26.770) (5.20) (24,924) (8.71) (23,202) (5.30)

Income before income tax 3,737 0.73 (16,211) (5.67) 7,297 1.67
Income tax expense 1,434 0.28 (4,798) (1.68) 1,161 0.27
NET INCOME 2,303 0.45 (11,413) (4.00) 6,136 1.40

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Pandemic Impact to Petron Corporation Financial Performance for the years 2019 to 2021

FORMULA:
Vertical Analysis = Balance Sheet Line Item
Total Assets (Base Figure)

FORMULA:
Vertical Analysis = Income Statement Line Item
Revenue (Base Figure)

CONCLUSION
The evaluation of the financial ratio was done with the help of financial statements of

Petron Corporation.

Based on the data gathered by the researchers using the current and quick ratio, the

computed data in 2019 was 1.13:1 and 0.5:1 respectively, while it decreased by 0.24 and .13

respectively on the following year where the different restrictions were implemented by the

government including travel restrictions which affect the different fuel industry in the country.

On the 2021, it increased by .10 and .9 respectively compared to last year. Despite the crisis,

Petron Corporation was able to maintain its liquidity for the past 3 years.

Using the debt-to-equity ratio for the years 2019 to 2021 the solvency of Petron

Corporation is 3.27, 3.06 and 2.67 respectively; therefore the company is at risk since it has been

greater than the standard result of 1 or less. On the other hand, using the debt to asset ratio, the

solvency of Petron Corporation is 77% for the year 2019, 75% for the year 2020, and 73% for

23
Pandemic Impact to Petron Corporation Financial Performance for the years 2019 to 2021

the year 2021, which is indicates that the company is also at risk since its assets are mostly

financed through debt.

Moreover, using the profitability ratio, Petron Corporation had a net profit margin of zero

and a gross profit margin of 6% in 2019, which is very low when compared to other companies.

In contrast to the typical range of percentages, its return on assets and equity were relatively low.

At the pandemic's peak in 2020, the gross profit margin decreased by 3%, the net profit margin

was negative by 4%, and the return on equity and assets were both negative—-3% and -13%,

respectively. The gross profit margin increased from 3% to 7% along with a 1% net profit

margin and return on assets and equity of 2% and 6% correspondingly in 2021, a year we may

consider a recovery phase.

RECOMMENDATION
After analyzing and evaluating the financial ratios of the Petron Corporation, the

researchers see that the company is able to maintain its liquidity, solvency and profitability

despite of the crisis that the world has face. But still, there is more to consider. To expand the

business and draw in more investors, Petron Corporation needs to improve its financial

performance. To improve the Petron Corporation financial ratios, the study recommends the

following:

a) Liquidity ratios

In Irman 2020, liquidity ratio can be improved if the company is able to effectively

manage its finances well in covering current liabilities such as creditors, with current assets like

cash and inventory. The ability of the corporation to repay its debts is increased by an increase in

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Pandemic Impact to Petron Corporation Financial Performance for the years 2019 to 2021

current assets, while its debts are decreased by an increase in current liabilities. By maintaining

strong liquidity ratios, Petron Corporation will be capable of fulfilling its obligations when they

become due, allowing the business to obtain credit to fund its operations.

b) Solvency ratios

Petron Corporation needs to consider towards lowering its liabilities and raising the

company's equity. Kazemian et al (2017) recommends companies to have more equity in order to

lower company risk. By issuing more shares to the market and converting part of the debt into

equity, Petron Corporation can increase the company's equity. Petron Corporation should

purchase goods with cash in order to be able to access credit in case of cash shortfall. This will

lessen the company's responsibility.

c) Profitability ratios

Furthermore, it's important to take into account the financial ratios obtained from Petron

Corporation's past financial data when making decisions regarding its future performance.

Decision-makers will be alerted to potential threats by financial ratios from the past so they may

take measures to prevent a financial catastrophe. As an outcome, the investors will be able to

invest their money to achieve the highest returns in the most successful businesses.

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Pandemic Impact to Petron Corporation Financial Performance for the years 2019 to 2021

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Pandemic Impact to Petron Corporation Financial Performance for the years 2019 to 2021

APPENDIX A

32
Pandemic Impact to Petron Corporation Financial Performance for the years 2019 to 2021

33
Pandemic Impact to Petron Corporation Financial Performance for the years 2019 to 2021

34
Pandemic Impact to Petron Corporation Financial Performance for the years 2019 to 2021

35
Pandemic Impact to Petron Corporation Financial Performance for the years 2019 to 2021

36
Pandemic Impact to Petron Corporation Financial Performance for the years 2019 to 2021

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Pandemic Impact to Petron Corporation Financial Performance for the years 2019 to 2021

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Pandemic Impact to Petron Corporation Financial Performance for the years 2019 to 2021

39
Pandemic Impact to Petron Corporation Financial Performance for the years 2019 to 2021

Curriculum Vitae

40
Pandemic Impact to Petron Corporation Financial Performance for the years 2019 to 2021

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Pandemic Impact to Petron Corporation Financial Performance for the years 2019 to 2021

42
Pandemic Impact to Petron Corporation Financial Performance for the years 2019 to 2021

KYNA C. CRISTOBAL
#02 Purok 6 Baliti City of San Fernando Pampanga
(+63) 9168562151
[email protected]

PERSONAL DATA
Date of Birth : April 16, 2001
Age : 21
Place of Birth : Angeles City, Pampanga
Height : 4’11”
Weight : 48 kg
Religion : Roman Catholic
Sex : Female
Civil Status : Single
Nationality : Filipino

EDUCATIONAL ATTAINTMENT:
College Holy Angel University 2019 - 2023
Sto. Rosario St., Angeles City, Pampanga

43
Pandemic Impact to Petron Corporation Financial Performance for the years 2019 to 2021

Bachelor of Science in Management

Accounting
Senior High School Holy Angel University 2017 – 2019
Sto. Rosario St., Angeles City, Pampanga
Accountancy, Business & Management (ABM)
Junior High School Angeles City National Trade School 2013 – 2017
Fil-am Friendship Hi-way, Brgy. Cutcut,
Angeles City, Pampanga

Elementary Sto. Rosario Elementary School 2007 – 2013

Miranda St. Angeles City Pampanga

CHRISTINE JOY C. MORAL

Leoncia Village, Angeles City
(+63) 9608238030
[email protected]

PERSONAL DATA
Date of Birth : October 08, 2000
Age : 22
Place of Birth : San Fernando, Pampanga
Height : 5’3”
Weight : 46 kg
Religion : Roman Catholic
Sex : Female
Civil Status : Single
Nationality : Filipino

EDUCATIONAL ATTAINTMENT:
College Holy Angel University 2019 - 2023

44
Pandemic Impact to Petron Corporation Financial Performance for the years 2019 to 2021

Sto. Rosario St., Angeles City, Pampanga

Bachelor of Science in Management
Accounting

Senior High School Holy Angel University 2017 – 2019

Sto.Rosario St., Angeles City, Pampanga
Accountancy, Business & Management (ABM)
Junior High School Chevalier School 2013 – 2017
Mc Arthur Hi-way Angeles City, Pampanga

Elementary Sto. Domingo Elementary School 2007 – 2013

Barangay Sto. Domingo, Angeles City

PATRICIA L. PEÑA
Purok 3, Mataas na Parang, San Ildefonso, Bulacan
(+63) 9424362287
[email protected]

PERSONAL DATA
Date of Birth : September 30, 1999
Age : 23
Place of Birth : San Ildefonso, Bulacan
Height : 5’4”
Weight : 56 kg
Religion : Roman Catholic
Sex : Female
Civil Status : Single
Nationality : Filipino

EDUCATIONAL ATTAINTMENT:

45
Pandemic Impact to Petron Corporation Financial Performance for the years 2019 to 2021

College Holy Angel University 2019 - 2023

Sto. Rosario St., Angeles City, Pampanga
Bachelor of Science in Management
Accounting

Don Honorio Ventura State University 2018 - 2019

Bacolor, Pampanga

Senior High School Montessori De San Ildefonso 2016 – 2018

Quijano St., San Juan, San Ildefonso, Bulacan
Accountancy, Business & Management (ABM)
Junior High School Montessori De San Ildefonso 2012 – 2016
Quijano St., San Juan, San Ildefonso, Bulacan

Elementary Montessori De San Ildefonso 2006 – 2012

Quijano St., San Juan, San Ildefonso, Bulacan

46