Mar 03, 2020
MANILA, Philippines — AllHome Corp., the listed one-stop shop home store of the Villar family, expects to have hit P1 billion in net income last year as strong consumer demand continued to support its business.
AllHome vice chairman Camille Villar, daughter of AllHome chairman Manuel Villar Jr., said the company sustained strong fourth quarter sales last year.
“We are confident of ending 2019 with at least P1 billion in net income given that 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,” Villar said.
AllHome registered a 225 percent growth in net income in the nine months to September to P746.2 million. Total revenue grew 72 percent to P8.2 billion.
The company is looking at selling over 450,000 square meters of space by the end of the year.
It is on track to hit its store expansion program for 2020.
“We are set to bring AllHome to more locations in 2020,” AllHome chairman Manuel 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.
AllHome president Benjamarie Therese Serrano said the company has no problems with inventory sourcing for its stores as it was able to get funding for working capital in October last year through its initial public offering.
“This 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 and eight months,” Serrano said.
Serrano said that in case of a prolonged presence of the recent corona virus disease (COVID-19) in China which serves as one of the major inventory sources of the home improvement players in the country, AllHome can easily shift to other existing sources such as Vietnam, Indonesia, Malaysia, Thailand, India and even the US.
“Our fresh funds indeed came at the right time when it comes to our inventory management,” she said.
AllHome made its debut in the Philippine Stock Exchange in October last year.
Author: Iris Gonzales | Feb 19, 2020
https://www.philstar.com/business/2020/02/19/1994183/allhome-sees-income-hitting-p1-billion-2019
—
