VILLAR-LED home improvement retailer AllHome Corp. said its profit may hit at least P1 billion in 2019 due to its strong fourth quarter performance.
“Historically, our fourth quarter performance is typically our strongest when it comes to sales as our stores would benefit from the holiday season as they are strategically located and are part of our innovative ecosystem of world class retail concepts surrounding it,” Camille A. Villar, the company’s vice chairman said.
AllHome’s net income more than tripled for the nine months of 2019 to P746.2 million from P229.7 million in 2018. Total revenues increased by 72 percent to P8.2 billion from the previous P4.8 billion.
The company is looking at a selling space of over 450,000 square meters by the end of the year, some 43 percent larger than 313,000 sq m last year.
“We are set to bring AllHome to more locations in 2020,” company Chairman Manuel B. Villar Jr. said.
“Our expansion program is both sustainable and strategic by taking advantage of the synergies between our real-estate companies, such as Vista Land, as well as the opportunities in the home improvement industry in the Philippines,” he said.
“When it comes to inventory sourcing for our stores, it was fortunate that we were able to get funding for our working capital in October last year through our initial public offering which contributed to our increased inventory cover. We already secured the needed inventories for our planned store expansions, as well as for our existing stores which can last between six to eight months,” Benjamarie Therese N. Serrano, AllHome President said.
She said that in case of a prolonged effect of the novel coronavirus disease (COVID-19), the company can shift to its other existing sources like Vietnam, Indonesia, Malaysia, Thailand, India, and even the United States.
AllHome mainly sources its wares and goods from China.
Image credits: Roy Domingo