AllHome Corporation, the pioneering one-stop shop home store in the Philippines, is planning to raise P2 billion through a notes facility.
In a disclosure to the Philippine Stock Exchange, the firm said its Board of Directors has approved and authorized the company to obtain a credit facility from, and accordingly execute and issue P2 billion worth of corporate notes to, certain financial institutions and primary institutional lenders.
The AllHome Board also authorized management to enter into a Notes Facility Agreement and any and all other agreements or contracts which may be required or appropriate in the premises.
AllHome posted a 26 percent jump in net income to P344.2 million in the first quarter of 2021 from the P270 million earned in the same period last year.
the firm said revenues for the quarter of about P3.6 billion was 6.7 percent higher revenues in the first quarter of 2020.
The company said it also saw improvements in all its margins for the period. Gross profit, EBITDA and Net income margins were at 31.9 percent, 22.1 percent, and 9.6 percent, respectively, which were all higher by over 125 basis points from same period last year.
“The strong first quarter performance is a result of our continued innovation amidst this pandemic. Since last year, we have made a concerted effort to expand our digital footprint, in addition to our store network expansion in the provinces,” said AllHome Chairman Manuel B, Villar, Jr.
He added that, “AllHome’s digital expansion is one of our top business priorities for the year. Given the change in consumer trend with the ongoing community lockdowns, we believe that on-demand delivery and online shopping will continue to increase and augment in-store sales.”
AllHome Vice Chairman Camille A. Villar said “The AllHome team, despite the pandemic, has adjusted quickly to the demands of the new normal. From the fulfillment of online orders to servicing customers online, AllHome has shown an unwavering commitment to cater to Filipinos across the country.”
“Additionally, we continue to explore the new normal by finding ways to let our customers shop safely in-store, or in the comforts of their own homes via our online channels,” she noted.
She added that, “To further expand our presence, AllHome is aggressively partnering with the country’s leading digital marketplaces to ensure that we tap all possible markets in the digital space.”
AllHome President Benjamarie Therese Serrano said “We are pleased with the first quarter results and remain optimistic for the rest of the year especially as more Filipinos are vaccinated, consumers will gain confidence to return to the stores.”
“Meantime, we remain fully committed to delivering the same quality of service, whether it be for in-store or online customers,” Serrano said.
In terms of its store expansion program, AllHome opened two new stores within the first quarter of 2021, with two more stores opening in April and May.
The AllHome store network now stands at 54 locations, with newly opened stores in General Santos City, Cauayan in Isabela, Bacolod Negros Occidental, and Bacoor, Cavite.