Seaoil expects P50-B revenues in 3 years

MANILA, Philippines - Seaoil Philippines, a Filipino-owned independent oil firm, said it expects revenues to reach P50 billion in the next three years as it continues to expand its network of gasoline stations.

In a briefing, Seaoil president Glenn Yu said this year alone, the company hopes to churn in P20 billion in revenues from P16 billion to date, on the back of its continued network expansion.

Last year, Seaoil also hit roughly P16 billion in sales.

 â€œWe’re looking at P50 billion in the next three years and have 700 to 800 stations over the next three years. We’re looking at increasing our investments. We’re spending about P1.2 billion every year,” Yu  said.

By the end of the year, the company is aiming to have 370 stations, most of which are franchised.

“Majority of them are franchised. It’s important that we have the right partners for us, can enhance the value of the brand and can compete with other oil players in terms of product quality,” he said.

To further boost sales, Seaoil has partnered with US-based Armored Auto Group, the owner of the STP brand, to introduce in the Philippine market fuels enhanced with performance additives.

The partnership essentially translates to the introduction of the newly enhanced fuels, which eventually would help the company achieve its target to capture 10 percent of the market in the next three years from the current four percent.

STP is a US brand for automotive performance products. Fuel additives are a mixture of chemical compounds formulated to maintain and enhance engine performance and to help protect the engine.

“With the partnership, the company will start to sell Seaoil Extreme 97, Extreme 95, Extreme U gasoline products and Exceed Diesel in all stations containing STP additives. These are further reinforced with STP additives’ superior capability to remove and control carbon deposits in different areas of the engine. These two features combined deliver racer-sharp engine performance,” Yu said.