AllHome Corp. said over the weekend net income slightly dipped to P1 billion in 2020 from P1.05 billion in 2019 as sales started to improve in the second half amid pandemic.
AllHome said 2020 sales rose 3 percent to P12.4 billion, boosted by strong sales from soft categories that included beddings, linens, and electronic appliances.
It said net income registered a 24-percent growth in the fourth quarter to P400 million from P312.5 million in the third quarter. Fourth-quarter revenues jumped 18 percent to P4.1 from P3.5 billion in the third quarter.
“We are cautiously optimistic with the home improvement industry for 2021. Bolstered by the reopening of the economy and the sustained improvement of our sales since the third quarter of 2020, we resumed with our expansion program. We also continued with our innovations to take advantage of the recent trends and introduced a new concept for our appliances category”•the AllDigital,” said AllHome chairman Manuel Villar Jr.