Jetti eyes P16-B sales

MANILA, Philippines - Independent oil player Jetti Petroleum Inc. is eyeing P16 billion in sales next year on the back of rosy economic prospects, corporate affairs manager Leo Bellas said in a briefing yesterday.

The oil firm expects 2013 sales to reach P12.98 billion up 24 percent from 2012’s P10.46 billion, Bellas also said.

He said hitting nearly P13 billion in sales is possible given strong performance from January to September of P9.89 billion.

Jetti’s net income reached P91.1 million in January to September 2013 and is expected to settle to a full-year level of P92.5 million, he noted.

“Overall, the outgoing year has been a good one for us. The strong economy, which resulted in robust consumer spending on travel and also in more vehicles being bought, powered this growth,” Bellas said.

He attributed growth in sales to 15 new Jetti stations, which the company opened this year.

Moving forward, Bellas said next year would also churn in higher sales as the company commences operations of its new import and bulk terminal in new Mariveles, Bataan.

The company expects to start operating the Bataan plant by July of next year as it starts construction in early 2014.

“The Bataan terminal will play a big role in Jetti’s efforts to respond to the growing demand for high quality petroleum products, particularly in the north. We will use our enhanced capacity to continue providing the Filipino people reasonably priced fuels,” said Bellas.

The company would be putting up 10 additional stations in Northern Luzon next year after it opens its new depot in Bataan.

Jetti closed the year with 112 stations, 46 of which are in Luzon, 24 in Visayas and 42 in Mindanao.