AllHome Corp., the retail arm of the Villar group, said its income last year doubled to P1.1 billion, from the previous year’s P511.4 million, mainly as a result of its aggressive store expansion in the months leading to its initial public offering.
Total revenues rose 68 percent to P12.1 billion, from P7.2 billion in 2018, the company said.
“As we have previously mentioned, the home improvement industry in the Philippines is still underpenetrated and we are taking advantage of such by aggressively opening AllHome to more locations across the country,” said Manuel B. Villar Jr., company chairman.
The company’s total assets as of end-2019 stood at P19.7 billion, higher than the P8.2 billion in the previous year.
Last year, the company added a total of 22 new stores, bringing total stores to 45, of which 22 are large mall-based, 10 are large free-standing and 13 specialty stores.
The company said it intends to increase its customer base by introducing store formats that will cater to the needs of the communities where it plans to open.
Camille A. Villar, the company’s vice chairman said AllHome, being retail in nature, is exposed to the risk of a disrupted supply chain and its potential impact on its inventory levels due to the Covid-19 pandemic.
“However, AllHome’s debut on the stock market gave AllHome added financial security to fund our needed inventories for our new stores,” she said.
“AllHome’s top priority is the health and safety of its employees and customers, and measures are strongly being implemented to ensure the same. We believe that the home improvement industry will bounce back as soon as the lockdown is lifted as there will be pent-up demand after staying at home for almost three months,” she said.
AllHome went public and was listed on the Philippine Stock Exchange in October last year.
By: VG Cabuag