Seaoil Philippines Inc., the largest independent oil company in the Philippines, targets to hit P20-billion worth of sales by the end of the year on the back of aggressive store expansion.
Francis Glenn Yu, Seaoil president and chief executive officer, said that the company aims to boost its sales by more than 20 percent for 2013.
“As of end-September, we are already about P16-billion [sales]. By yearend we hope to achieve P20 billion in sales,” he further said.
According to him, the P20-billion sales will be driven by the expansion of Seaoil’s networking stations, as well as the increase in the company’s organic growth.
“Our performance this year is better. We’re seeing the impact of our expansion reflect our bottom line. Over the next three years, we are looking at 10-percent market share,” Yu specified.
In the next three years, the company is planning to grow its sales by up to P50 billion, which will be backed by the plan to build as much as 800 stations over that span of time. As of now, Seaoil has 340 gasoline stations and 30 more stores are targeted to be built for the rest of the year.
“Next year, we are looking at adding another 100 stations,” Yu said, adding that the oil firm spends P1.2 billion per year for store expansion alone. Seaoil recently sealed a partnership with a US-based company, Armored Auto Group, for a new product that will enhance the quality of fuel that it sells.
In a product launch held at the Marriott Hotel in Pasay City last week, Seaoil Philippines announced that it has partnered with Armored Group for the STP brand, the leading US brand for automotive performance products.
With this offering, Seaoil will be considered the first gasoline company in Asia to introduce fuels enhanced with US performance additives.