Seaoil Philippines, one of the country’s aggressive oil firms, is projecting double-digit net income growth this year as it expects revenues to increase by 15 to 20 percent due to the company’s aggressive retail expansion program in 2011.
“We see revenues to be higher than last year. I would say, maybe between 15 [and] 20 percent growth. Last year was P11 billion in revenues. For our bottomline, it’s still double-digit [growth],” Seaoil president Francis Glenn Yu told reporters during that company’s Partners’ Night Celebration held recently.
Yu said Seaoil will end the year with 220 retail stations from 180 stations last year.
He said Seaoil hopes to expand by another 60 stations next year.
“There is a lot of volatility right now because there’s lots of uncertainty in Europe and the US, and everybody is sort of waiting and seeing what’s going to happen there. Normally, we see the fourth quarter is always strong, at least domestically, so hopefully, we can bring that over to next year,” the official said.
Yu said Seaoil plans to spend P3 billion over the next three years to double the company’s retail stations to 400 stations nationwide by the end of 2014.
The company will raise the needed capital expenditure through internally generated cash and from several lending institutions.
“We are looking where there are opportunities, of course we may want to accelerate or decelerate that depending again on the uncertainties in Europe and the US,” he said.
He said Seaoil aims to be a “provider of choice” among all market segments by putting up more stations in strategic location and offering quality fuels.
“As a Filipino-owned company, Seaoil has the competitive advantage with its unique perspective and understanding of the Filipino market,” Yu said.