AllHome Corporation, the Villar group’s pioneering one-stop shop home store in the Philippines, delivered a record 225 percent growth in net income to P746.2 million for the first nine months of 2019 from P229.7 million in the same period last year.
In a disclosure, the firm said total revenues jumped by 72 percent to P8.2 billion from P4.8 billion in the comparable period a year ago.
“We are very pleased with the Company’s continued strong growth in our bottomline numbers as well as the surge in our total revenues for the first nine months of the year,” said AllHome Chairman Manuel B. Villar, Jr.
He noted that, “Allhome continues to deliver solid performance which brings us closer to our full year target. 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.”
The company’s total assets as of September 30, 2019 stood at P15.7 billion compared to P8.2 billion in December of last year.
“We remain confident about the Company’s prospects for the rest of the year given that historically our fourth quarter performance is better than the rest of the quarters.,” said AllHome Vice Chairman Camille A. Villar.
She added that, “ Our AllHome would benefit from the holiday season as the stores are strategically located and arepart of our innovative ecosystem of world class retail concepts surrounding it.
AllHome President Benjamarie Therese N. Serrano said “We are on track with our store expansion program to 2020. For October alone, we opened three new stores located in Alabang, Bulacan and Cavite which brings our total stores to thirty. ”
She added that, “Our 30 stores consist of 22 large mall-based, 4 large free-standing, and 4 specialty stores,” she added.
For October alone, the Company opened three new stores in Alabang, Bulacan, and in Cavite.
Serrano noted that AllHome was able to capture 7.1 percent market share in a span of 6 years and is considered the fastest growing home improvement store in the country.
By James A. Loyola
https://business.mb.com.ph/2019/11/15/allhome-posts-record-225-net-profit-growth-at-p746-m/
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