MANILA, Philippines – Phoenix Petroleum Philippines Inc. is optimistic of posting a record high revenue level of P14 billion this year.
Phoenix chief operating officer Romeo de Guzman told reporters over the weekend that the continuing growth in sales would also help the company achieve its goal to become the leading independent oil firm in the country in the near term.
“Our target now is to be the leading independent oil player in the country in 2012. It’s SMART (Specific, Measureable, Attainable, Realistic and Timetable),” he said.
The company has recorded a strong performance in the first three quarters of the year, surpassing its 2009 figures.
From January to September this year, the company posted P9.782 billion in revenues, up to 67 percent from its full 2009 revenue.
Core net income reached a record P258.2 million, 45 percent higher than its 2009 core net income of P178.1 million.
The financial performance is close to the company’s target of P14 billion in revenue at the end of 2010.
The company expects to put up 40 more stations in 2011 with overall capital expenditure budget of P1.5 billion to finance part of the network expansion.
Portion of this capex will also be used to beef up its terminal and depot facilities.
Most of the company’s expansion will be done in the Metro Manila area.
It hopes to end the year with at least 163 stations nationwide, where 130 stations are in Visayas and Mindanao while 33 stations are situated in Luzon.
It already has 160 operational stations today as it gears to be the leading independent oil company in the retail business.
Recently, Phoenix Petroleum renewed its Fuel Supply Agreement with Cebu Air Inc. for the Jet A-1 requirements.
This month, the board also approved the appointment of Commissioner Diane Pardo Aguilar as the representative of Social Security System. SSS invested an initial 75 million primary shares at Phoenix on November 2009. The government-run pension fund owns 9.62 percent shares in the oil firm.
Per date from the Department of Energy (DOE), Phoenix Petroleum has just doubled its market share from 1.12 percent to approximately 2.5 percent this year.