The Philippine 7-Eleven network of convenience stores recorded record profits in  2015, fuelled by new store openings.

Parent, listed company Philippine Seven, says it surpassed 1 billion pesos (US$22 million) in profits for 2015.

The 15.4 per cent year-over-year profit rise came on the back of an increase in stores from 1282 in 2014 to 1602 stores in 2015.

Philippine Seven said retail sales of all stores rose by 25.3 per cent  to P25.8 billion from P20.6 billion compared with prior year.

The company has been expanding its logistics infrastructure to support its

unprecedented expansion in Visayas and Mindanao.

“The rest of the country is relatively uncontested in comparison. We are virtually the only competitor with the critical mass to build out proper supply chains in areas logistically unreachable from GMA,” said Jose Victor Paterno, president and CEO.

The expansion is  expected to support profitability in the medium term, through cashing in on underutilized warehouses and achieving dominant position in new markets.

For 2016, the company plans to increase  capital expenditures budget to P3.5 billion to support its accelerated store expansion strategy. The bulk of this amount will fund new store openings, store renovations and equipment acquisition.

Philippine Seven Corporation operates the largest convenience store network in the country. It acquired the master franchise licence from Southland Corporation (now Seven Eleven) of Dallas, Texas, in December 1982 and was listed in the Philippine Stock Exchange in February, 1998.