Jetti sales rise 18% in H1

MANILA, Philippines - Jetti Petroleum Inc., an independent oil player, posted an 18 percent increase in sales in the first half of the year, the company announced yesterday.

The company reported that its revenues rose to P6.65 billion from January to June, or 18 percent higher than the P5.64 billion reported in the same period last year.

Company officials attributed the increase in revenues to the opening of new stations in the second half of last year and the 100 percent utilization of the oil firm’s Tagoloan bulk terminal, the company’s sole importing terminal.

Sales increased from 157.9 million liters sold last year to 174.4 million liters at present.

The company’s stations that opened in the second half of 2013 also reached its full potential, as well as its bulk terminal.

For this year, the company opened four new stations from January to June 2014 in Cavite and in the cities of Surigao, Cagayan de Oro and Dumaguete.

“The company is positive about this development, as it is an encouraging sign that the potential for growth is truly there for all industry players,” said Jetti Corporate Affairs manager Leo Bellas.

Bellas said strong sales from the existing network of retail outlets and commercial accounts also boosted growth.

According to Bellas, Jetti expects a further boost in sales figures once their new stations begin operations. They are set to launch more new stations by year-end, bringing the total number of Jetti stations to 135.

With the first half performance, Bellas said the company is optimistic it would meet its projected gross revenues target for the year.

“The company is optimistic that, given our current performance, we will meet our projected gross revenues of P14 billion for 2014,” said Bellas.