Wilcon Depot, Inc. (Wilcon), the country’s leading home and finishing construction supply retailer, reported a 254 percent surge in net income for the first half of 2021 to P1.25 billion from P352 million in the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm said “the hike was driven by the increase in the number of transactions, as net sales jumped 48.5 percent and by the expansion in gross profit margin partly offset by the increase in operating expenses during the half.”
“We’re pleased that we were able to sustain our first quarter results despite a quite difficult April, which was the height of the NCR plus quarantine,” Wilcon President and CEO Lorraine Belo-Cincochan said.
Net sales for the half of 2021 rose to P13.43 billion from P9.04 billion in the same period last year.
Comparable sales grew by 36.4 percent, attributed mainly to the increase in the number of transactions particularly in branches located in Luzon, which unlike in 2020, remained open this year under the NCR plus bubble quarantine scheme. Four new stores were opened during the half.
The depots, accounting for 97.3 percent of total net sales, grew by 49.6 percent to P13.07 billion with a comparable sales growth of 37.1 percent.
The smaller format, Home Essentials, with net sales of P267 million for the half, accounting for 2.0 percent of total net sales, posted a 24.2 percent net sales growth.
Meanwhile, project sales of P91 million, accounting for 0.7 percent of the total recorded a 2.1 percent growth year-on-year. Belo-Cincochan said the remaining five new stores targeted to open for the year are on track with the fifth new store opening on July 30 in Sorsogon in the Bicol region.
She also said that the company’s expansion plans will continue both the brick and mortar and in the digital space. Wilcon re-launched its e-commerce site on May 28, 2021.