Seaoil eyes P20 B in sales this year

MANILA, Philippines - Seaoil Philippines Inc., an independent oil player, is eyeing to hit P20 billion in sales this year on the back of growing network of retail stations and additional oil depots, its top official said.

Seaoil president Francis Glenn Yu said the P20-billion revenue target is higher than the P16 billion in 2012 or a growth of over 20 percent.

“We will probably hit P20 billion versus P16 billion last year,” Yu said.

He said growth would come from both the company’s retail and commercial segments.

For next year, the oil company is eyeing to grow sales to P24 billion, 20 percent higher than the targeted P20 billion for this year.

“Maybe, it’s P24 billion. That’s about 20-percent growth but we are still finalizing it,” Yu told reporters in a briefing.

Yu said Seaoil expects a P500-million net income for the year.

The company is on an expansion mode, preparing to invest P2.98 billion to finance its projects next year.

The amount would be used to finance the construction of 120 new gasoline stations to be opened next year, one mega-station and three oil depots.

Of the amount, the oil company would invest in P1.8 billion to fund the construction of 120 gasoline stations or P15 million for each station.  Majority of the gasoline stations would be opened in the third and fourth quarter of the year.  

Of the 120 stations, Seaoil will build 50 stations in Luzon, 40 in Mindanao and 30 in Visayas. 

For the construction of three two-hectare oil depots, Seaoil will be spending P1 billion while the remaining amount would be used to build a Seaoil mega-station, a bigger than usual gasoline station to be built along the Subic-Clark-Tarlac Expressway (SCTEX).

Seaoil’s SCTEX mega-station marks the first gasoline station to be opened by an independent oil player along the expressway.  These so called mega stations are complete with parking areas, emergency stations, convenience stores and restaurants.  The Seaoil mega-station in SCTEX will be fully operational by the fourth quarter of 2014.

This year, Seaoil has invested P1 billion to strengthen its oil distribution network with new oil storage depots.