NEWLY listed Metro Retail Stores Group Inc. (MRSGI), the largest retailer in the Visayas region, said its net income in 2015 rose 20 percent from a year earlier to P758.6 million, boosted by its expansion efforts starting last year.
In comparison, net income in 2014 had amounted to P629 million.
In a disclosure to the Philippine Stock Exchange (PSE) on Wednesday, the retailer said net sales last year hit P32.3 billion, up 13.9 percent from the prior year’s P28.36 billion.
It said same-store sales rose 8.8 percent driven by the strong performance of its hypermarket, department store, and supermarket formats.
Earnings before interest, tax depreciation and amortization (Ebitda) hit P1.49 billion, 18 percent higher than the prior year’s P1.26 billion, due to a significant reduction in its operating expenses.
“The year 2015 was an exception for MRSGI, marked by several milestones for the 33-year-old company. It saw the expansion of MRSGI’s store network nationwide, with MRSGI now having 46 stores composed of 24 supermarkets, 12 hypermarkets, and 10 department stores, with a gross floor area of approximately 400,000 square meters by December 2015,” the company said.
The retailer, which made its initial public offering in November last year, made one of the highest equity issuances for the year at P3.6 billion.
“MRSGI’s entry into the local bourse is seen not only to support the company’s expansion plans, but also underscores MRSGI’s capability to compete with other industry players in serving the value-conscious market,” the retailer said.
MRSGI recently partnered with Ayala Land, Inc. for the establishment of its stores in four new Ayala commercial developments, namely, a department store and supermarket in Capitol Central in Bacolod City; a supermarket in The Shops at Atria in Mandurriao, Iloilo City; a supermarket in Central Bloc in Cebu City; and a department store and supermarket at the Ayala Malls Feliz in Pasig City.
The company has also inaugurated the Super Metro hypermarket in Calbayog City last February, the company’s 27th in the Visayas.
MRSGI also expanded its department store network with the acquisition of the department stores of SIAL Specialty Retailers Inc., a joint venture with Ayala Land and Store Specialist Inc. early this month.