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Seaoil confident of becoming \\\'Jollibee\\\' of oil industry

Oil refiner backs claim on steady earnings growth and \\\'loyal following\\\'
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Homegrown oil refiner Seaoil Philippines  is  confident that it achieve its dream to become the Jollibee, the dominant fast food brand in the county, of its industry.  [Read about Seaoil profile here]

Francis Glenn Yu, Seaoil CEO and president, told Entrepreneur.com.ph that with an annual growth rate of  more than 65 percent in its earnings for the last five years, and the public’s “support” to the brand, Seaoil is indeed poised to become the “Jollibee” of the oil industry.  [Read lower expenses help Jollibee survive economic crisis here]

Jollibee remains the most popular fast food chain in the Philippines, beating foreign brands such as McDonald’s and KFC. 

“We can say that we are in the midst of that dream because when we look at how Seaoil has grown over  the last 12 years since it started franchising stations, we have seen tremendous growth…and with customers continuing their  support for the brand and the product, at this point, we can confidently say we have a loyal following already,” Yu said.  [Learn how to build customer loyalty here]

Last year, Seaoil had netted earnings of  P205 million.

Presently, including stations that are still under construction, Seaoil has 170 branches all over the country, of which 12 are company-owned. By the end of the year, Seaoil would have over 200 stations already, Yu added. [See franchise factsheet of Seaoil Philippines here]

“Our expansion mode has always been through franchising. That’s what we are known for, it continues and will always be part of our core business,” Yu said.  [Read franchising as an expansion mode here]

Seaoil’s growth is attributed to a “combination” of factors such as a proven business model and that its products are a “basic necessity”.

“In the Philippines, there are more islands than  [gas] stations…When you see that the market is underserved and that there’s excellent growth opportunity…then that’s also a good franchise opportunity,” he said.

As for franchising, Seaoil said it has relied on innovation and excellent customer service to promote its  packages.

“Seaoil cares and I’m talking about the brand promise of convenience, affordability, reliability, environment-friendly and service-oriented,” Yu said.

The company’s franchise fee is P350, 000 while construction cost ranges between P2.3 million and P12 million, depending on  the size of the gas station.


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