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Manila Bulletin devider Business devider The Stock Market devider AllHome profits surge on rising number of condo owners

AllHome profits surge on rising number of condo owners

Published Aug 15, 2023 08:42 am

A growing number of homeowners furnishing their condominium units boosted the second quarter earnings of the Villar Group’s pioneering one-stop full-line home retailer AllHome—an impressive reversal of its first quarter 2023 performance.

After trending downward in the first quarter of the year, AllHome saw its net income surge 99.1 percent to P442 million in the first half of 2023 on the back of a three percent uptick in revenues to P3.12 billion in in the second quarter of 2023.

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AllHome Chairman Manuel B. Villar Jr.

“Our second quarter 2023 performance is a reminder of AllHome’s capability to quickly adapt to shifting consumer spending, and we expect to sustain this energy as we move towards the second half of the year,” said AllHome Chairman Manuel B. Villar Jr.

He added that, “as we head into the historically strong quarters of AllHome and a positive 2024 outlook that sees a rise in condominium turnovers—which means entry into the furnishing stage—we view the balance year of 2023 with much confidence and optimism.”

“We are at looking at every angle to maximize revenue potential for the chain, and I am pleased that our initiatives to strengthen AllHome’s leadership, operations and efficiencies are bearing fruit,” Villar noted.

AllHome’s marked improvements for the second quarter of 2023 are attributed to a healthy sales uptake in both its soft and hard categories.

“We are of course pleased with the results of our second quarter 2023,” said AllHome President and CEO Benjamarie Therese Serrano.

She noted that, “this is the realization of initiatives we have been implementing since the start of the year: optimization of each store’s revenue potential, energy and manpower rationalization, optimization of in-store warehouses to save on rented warehouses, among others.”

AllHome’s first half 2023 core net income expanded by 25.7 percent net of fire loss, reversing the first quarter downtrends and bringing AllHome at par with its performance in the first half of 2022.

The firm ended June 2023 with a total assets of P27.04 billion.

Related Tags

AllHome Corporation Manuel B. Villar Jr. Benjamarie Therese Serrano
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