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The Philippine home improvement retailer AllHome doubled its net income in 2019 on the back of aggressive expansion and a rise in same-store sales. The company, owned by the Philippines' top billionaire Manuel B. Villar Jr., disclosed a full-year net income of PHP 1.05 bn (EUR 18.73 mio, USD 20.84 mio) for 2019, 105.3 per cent higher than in 2018. Revenues hit PHP 12.06 bn (EUR 215.09 mio), up 67.7 per cent.
This is on the back of a 41.7 per cent increase in same-store sales for 23 outlets, as well as an increase in the number of locations to 45 at the end of the year. "The home improvement industry in the Philippines is still under-penetrated and we are taking advantage of this by aggressively opening AllHome to more locations across the country," Villar, who serves as AllHome chairman, said in a statement accompanying the 2019 financial report.The company expressed uncertainty over the impact of the Covid-19 outbreak on its finances for the first quarter of 2020, noting in its financial statement that the stringent stay-at-home order imposed by the Philippine government over the island of Luzon - home to half of the country's population - from March 16 disrupted supply chains and suspended business operations.
Thirty-five of the 45 AllHome stores are in the capital region of Metro Manila - which is in Luzon - and its outskirts. Home improvement and hardware stores were among the establishments that were permitted to resume operations as of May 16, but members of the public are still restricted to leaving home only for essential trips and work.
But AllHome said that its initial public offering last October gave it some leeway to fund inventories for its new stores. The company had earlier announced plans to build 45 new stores between mid-2019 and the end of 2020.
Camille Villar, vice-chairman of the company, also said that the company expects demand to bounce back as soon as movement restrictions were eased. "There will be pent-up demand after staying at home for almost three months," she said.
This is on the back of a 41.7 per cent increase in same-store sales for 23 outlets, as well as an increase in the number of locations to 45 at the end of the year. "The home improvement industry in the Philippines is still under-penetrated and we are taking advantage of this by aggressively opening AllHome to more locations across the country," Villar, who serves as AllHome chairman, said in a statement accompanying the 2019 financial report.The company expressed uncertainty over the impact of the Covid-19 outbreak on its finances for the first quarter of 2020, noting in its financial statement that the stringent stay-at-home order imposed by the Philippine government over the island of Luzon - home to half of the country's population - from March 16 disrupted supply chains and suspended business operations.
Thirty-five of the 45 AllHome stores are in the capital region of Metro Manila - which is in Luzon - and its outskirts. Home improvement and hardware stores were among the establishments that were permitted to resume operations as of May 16, but members of the public are still restricted to leaving home only for essential trips and work.
But AllHome said that its initial public offering last October gave it some leeway to fund inventories for its new stores. The company had earlier announced plans to build 45 new stores between mid-2019 and the end of 2020.
Camille Villar, vice-chairman of the company, also said that the company expects demand to bounce back as soon as movement restrictions were eased. "There will be pent-up demand after staying at home for almost three months," she said.
