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Home Business Corporate News AllHome doubles net income in 2019

AllHome doubles net income in 2019

 

Villar-led AllHome Corp. saw its net income double to P1.1 billion last year, a 105.3-percent surge from the P511.4-million figure it posted in 2018.

Likewise, its total revenues climbed by 68 percent to P12.1 billion from P7.2 billion year-on-year.

In a disclosure, AllHome President Benjamarie Therese Serrano said the triple-digit growth last year was on the back of the company’s aggressive store expansion.



The listed home improvement retailer introduced 22 new stores in 2019. The move brought their total to 45 stores, which is composed of 22 large mall-based, 10 large free-standing and 13 specialty stores.

“As AllHome continues to expand, we also intend to increase our customer base by introducing store formats that will cater to the needs of the communities where we plan to open. We will launch the first phase of AllHome which will be carrying majority of our hard categories, to areas where it’s still in the early stage of housing construction with a plan to eventually expand it to a regular AllHome once home buyers ‘start to move-in,’” Serrano said in a statement.

Meanwhile, AllHome Chair Manuel Villar Jr. said 2019 was a “milestone” for the company since aside from its debut in the stock market, it also saw “strong growth” in both topline and bottomline figures.

AllHome was listed in the Philippine Stock Exchange through initial public offering last October.

“We are very pleased with the company’s solid performance in achieving our full year target. As we have previously mentioned, the home improvement industry in the Philippines is still underpenetrated and we are taking advantage of such by aggressively opening AllHome to more locations across the country,” Villar added.

Meanwhile, AllHome Vice Chair Camille Villar noted that the start of 2020 has been “challenging” for the company caused by “series of unforeseeable events,” including the coronavirus disease 2019 pandemic.

“AllHome, being retail in nature, is exposed to the risk of disrupted supply chain and its potential impact on its inventory levels due to this virus. However, AllHome’s debut on the stock market gave [it] added financial security to fund our needed inventories for our new stores,” Villar said.

“AllHome’s top priority is the health and safety of its employees and customers, and measures are strongly being implemented to ensure the same. We believe that the home improvement industry will bounce back as soon as the lockdown is lifted as there will be pent-up demand after staying at home for almost three months,” she continued.

Shares of AllHome Corp. shed 5 centavos or 0.93 percent to P5.31 apiece on Monday.

 

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