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Friday, March 29, 2024

Wilcon reports P12.3b in sales

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Newly listed Wilcon Depot Inc. said net income in April to December reached P887 million, on strong sales and store openings.

Wilcon said in a disclosure to the stock exchange nine-month sales surged 96.7 percent to P12.3 billion. Wilcon began operations on April 1, 2016 when the retail business and assets were transferred from parent company Wilcon Corp.

Prior to the transfer of the retail operations, Wilcon Corp. registered net sales of P3.7 billion and net income of P269 million based on audited statements for the three-month period ended March 31, 2016.

Gross profit amounted to P3.3 billion translating into a gross margin of 26.8 percent, while operating profit reached P1.04 billion for an operating margin of 8.5 percent.

“Sales from our existing stores were augmented by the opening of two new stores in 2016, one in Molino, Cavite in April and another in Sta. Rosa, Laguna in September. These areas have seen remarkable growth in real estate development particularly in the horizontal housing segment, Wilcon’s natural market,” Wilcon chief finance officer Mark Andrew Belo said.

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“These stores along with the existing ones in the same region are expected to contribute more to the Company’s revenues in many years to come given the demographics of their locations,” he said.

Belo said the company exceeded some of its sales volume targets and managed operating expenses, which contributed to better margins and higher net income.

“We have initiated and closed a number of initiatives this year, including expansion of our own brands in product categories where we saw the market potential. We hope that these initiatives along with our planned store expansion will bear fruit and sustain our growth trajectory in the next few years,” Belo said.

The company currently operates 37 depots and small format stores across the country.  Over the next five years, it plans to add 29 stores.

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