Seaoil Philippines Inc., one of the largest independent oil players in the country, is eyeing a higher revenue target next year given its aggressive expansion it set for this year onwards.
Francis Glenn Yu, Seaoil president and chief executive officer, said that for next year, the company may attain revenues of as much as P24 billion as it nears its 2013 revenue-target.
“For 2013, maybe we will hit P24 billion in revenues,” Yu said, specifying that this will be a 20-percent growth compared to what it will attain this year.
For 2013, Yu said that the company is looking to hit P20 billion in revenues, compared to the P16 billion it recorded in 2012. According to Yu, the growth in the oil firm’s revenues will always be fueled by retail and commercial growth.
It was reported earlier that the 2014 capital expenditure of Seaoil Philippines will reach nearly P3 billion on the back of its plan to expand the number of its oil storage depots and stations nationwide.
Yu said that the company may spend as much as P2.98 billion next year, as it plans to build additional oil depots and stations.
Of the P2.98 billion, P1.8 billion will be spent for the development of 120 more stations nationwide, while P1 billion will allocated for new depots. Seaoil will use the remaining amount of P180 million to build its superstation along the Subic-Clark-Tarlac Expressway (SCTEX).
Seaoil has targeted to establish 120 more stations in 2014, above its current network of over 340 stations nationwide. The new stations will be spread out in 30 locations in the National Capital Region (Metro Manila), 20 in Luzon, 30 in Visayas and 40 in Mindanao next year. By 2015, Seaoil expects to have 500 stations nationwide.
Each station requires an investment budget of P15 million, Yu specified.