MANILA, Philippines — AllHome Corp., the Villar-owned home store, saw strong growth in its fourth quarter performance.
Net income for the fourth quarter of 2020 posted a double digit growth of 28 percent to P399.6 million from the third quarter’s P312.5 million.
This brought full year net income to P1 billion, which was slightly down from 2019’s P1.05 billion.
Revenues were at P4.1 billion in the fourth quarter of 2020 compared to P3.5 billion in the third quarter or an 18 percent growth.
This brought full year sales to P12.4 billion, up three percent from 2019 despite the challenges of the pandemic.
The improvement in sales and net income was brought about by the opening up of the Philippine economy and easing of quarantine restrictions in the third quarter and fourth quarter that compensated for the loss of revenues in the second quarter, officials said.
Moving forward, the company is “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.
AllHome ended 2020 with 50 stores, opening five new stores from September to December. Immediately after, the company has opened its 51st and 52nd stores in January and February 2021, respectively.
“We have changed our conservative stance in terms of our store expansion program last year after we have seen a much improved sales numbers in the third quarter which was sustained for the rest of 2020,” said Benjamarie Therese Serrano, president of AllHome.
Article and Photo originally posted by Philippine Star last March 27, 2021 12:00am and written by Iris Gonzales.
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