Wilcon Depot Inc. said Thursday net income climbed 76.8 percent in 2021 from a year ago, despite the prolonged surge of COVID-19 cases.
The company said net income amounted to P2.56 billion last year, up from P1.45 billion in 2020 as net sales went up 21.6 percent to P27.5 billion, on improved sales performance in Luzon which remained operational despite the pandemic.
It said that at the outset of the pandemic in March 2020, Luzon, where 76 percent of Wilcon’s branches were located then, was placed under lockdown, requiring all branches in the region to be closed for two months.
The company was able to open 10 stores in 2021, including nine depots and one smaller format—Home Essentials. The depot format stores accounted for 97.4 percent of total net sales amounting to P26.79 billion, driving company-wide total sales growth at 22.1 percent year-on-year and comparable sales growth at 12.3 percent.