MerryMart, DoubleDragon posted double-digit profit growth in Q1

MANILA – The property and supermarket businesses led by tycoon Edgar “Injap” Sia II saw strong earnings growth during the first quarter of 2023 while they maintained healthy balance sheets in preparation for future expansion.

Listed retail company MerryMart Consumer Corp. said net income from January to March surged nearly 53 percent to P19 million while revenues reached P1.75 billion, up 46 percent.

Sia, who is the chair of the supermarket operator, said MerryMart has 117 operating branches and continued to enjoy a robust cash position of P2.71 billion.

“MerryMart continues to strengthen its position in preparation for the upcoming shift of tide to a fresh new cycle of economic boom years that should naturally follow after a major economic crisis,” Sia said in a separate statement.

“We believe that companies who demonstrate that they are able to navigate very well the series of major economic crises, such as what we have all experienced, will be in a unique position to capture the extraordinary opportunities that will present itself after all the chaos and the fire has cleared and the smoke has settled,” he added.

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The article was originally published in Inquirer.NET and written by Miguel R. Camus.