AllHome Corp., the Philippines’ pioneering one-stop full line home center owned by the Villar Group, said Monday it recorded P797-million net income and P12.06-billion net revenues in 2023.
The company did not provide comparative figures, but based on its previous filing with the Philippine Stock Exchange, it posted net income attributable to parent equity holders of P933.8 million and gross revenues of P12.56 billion in 2022.
AllHome said in a disclosure to the stock exchange its gross profit margins increased to 38 percent in 2023, up 120 basis points from 36.8 percent in the same period in 2022.
AllHome president and chief executive Benjamarie Therese Serrano said the increase in gross profit margins was due to operational efficiencies implemented by the company in the past years.
“Though current consumer spending has been diverted from home retail to less essential expenses like fashion, health and beauty, entertainment, and travel, AllHome remains committed in delivering value to our stakeholders,” Serrano said.
“We have steadily increased our margins, both in gross and net terms, ending 2023 with a gross margin of 38%. We also continue to seek out operational efficiencies, especially as we face unusually high inflation and increased utilities costs,” she said.
Serrano remains upbeat about the group’s prospects, as Euromonitor’s 2023 report showed that the Philippines’ home retail sector would enjoy a compounded annual growth rate of 6.2 percent from 2024 to 2028.
“The long-term fundamentals of the home retail sector in the Philippines remain sound, and we look to take advantage of this with AllHome reclaiming its position as a premium home retailer that enjoys the unique synergy of self-sustaining retail ecosystems, buoyed by synergies with Vista Land, the country’s largest home builder, as well as with its sister companies under the AllValue umbrella,” Serrano said.
