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Posted Posted November 18, 2021
MerryMart 9-mo profit up 58.61%

Sia-led MerryMart Consumer Corp. netted P23.01 million in the nine-month period, up 58.61 percent from P14.5 million in the same period last year.

In a disclosure on Tuesday, the grocery operator also reported 15.92-percent higher consolidated revenues of P2.81 billion in January to September from P2.42 billion last year.

MerryMart announced in July its acquisition of a majority stake in pharmacy chain, Carlos SuperDrug.

Meanwhile, it also disclosed on Monday that it will acquire a 51-percent stake in Mindanao-based pharmacy chain, Cecile's Pharmacy.

"While the MerryMart Group continues on with its organic expansion, MerryMart will continue to keep its eyes open for M&A (merger and acquisitiion) opportunities in both the grocery and pharmacy space that would accelerate its growth to capitalize on the continued consolidation from traditional to modern retail in the Philippines," MerryMart Chairman Edgar "Injap" Sia 2nd was quoted as saying.

The MerryMart Group has various formats including the MerryMart Store, MerryMart Market, MerryMart Grocery, MerryMart Wholesale and Dark Groceries.

MerryMart also launched the MBOX Smart Lockers, which are self-service lockers where users can pick up and drop off packages at their convenience.

The company's Vision 2030 aims to open 1,200 stores nationwide and aims to generate P120 billion in systemwide recurring consumer sales revenue.

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