Villar group-led retailer AllHome Corp. posted about P1 billion in 2020 net profit, nearly matching the P1.05 billion seen during the precoronavirus pandemic year, as business picked up pace with the easing of local quarantine protocols in the latter part of last year.
For the fourth quarter alone, AllHome’s net profit hit P399.6 million, up by about 31 percent year-on-year. It also marked a 28-percent increase from the bottom line in the third quarter. Its fourth quarter revenue reached P4.1 billion, up by 18 percent from the previous quarter.
‘Cautiously optimistic’
For the full year, revenue amounted to P12.4 billion, up 3 percent from the 2019.
The improvement in sales and net income was brought about by the opening up of the economy and easing of quarantine restrictions in the third and fourth quarters of 2020, that compensated for the loss of revenue in the second quarter.
Gross margin improved to 31.2 percent in 2020 from 29.9 percent in the previous year.
“We are cautiously optimistic with the home improvement industry for 2021. Bolstered by the reopening of the economy and the sustained improvement of our sales since the third quarter of 2020, we resumed our expansion program. We also continued with our innovations to take advantage of the recent trends and introduced a new concept for our appliances category, the AllDigital,” AllHome chair Manuel Villar Jr. said in a statement.
AllDigital is a small specialty store that sells digital products that are essential in implementing work-from-home, distance learning and increased online gaming activities.
AllHome vice chair Camille Villar added: “The year 2020 has proven AllHome’s strength and capability to quickly respond to the health and shopping challenges of the pandemic and to capitalize on the AllValue retail ecosystem by putting pop-up stores for essential products beside its affiliate company AllDay supermarket during the early days of enhanced community quarantine.” INQ