MERRYMART Consumer Corp. on Monday said it saw a 72.23% growth in consolidated net income to P48.24 million last year from P28.01 million in the previous year, while consolidated revenues grew by 33.74% to P3.47 billion.
The company said it opened 22 new stores last year, hitting its goal of 25 branches at the end of 2020. It currently has 34 operational branches across the Philippines.
“As we open new branches our revenues grow exponentially, although it may take a few months for a new store to reach optimal levels and become fully efficient we see these new branches as newly planted cuttings which will start to flourish once settled,” Edgar “Injap” J. Sia II, chairman of MerryMart, said in a statement.
MerryMart aims to open 66 more branches nationwide to reach a total of 100 stores before the year ends.
Most of the new branches will be in the company’s smallest format store, MerryMart 3 in 1 household essential store, which features basic grocery items, personal care products, and a pharmacy.
For the first three months of the year, the company’s consolidated net income bumped up by 13.28% to P9.46 million from P8.35 million year on year.
MerryMart’s consolidated revenues for the quarter also rose by 15.17% to P915.47 million from P794.91 million seen in the same period in 2020.
“2021 will be an important year for MerryMart Group as the team is simultaneously working intensely on various aspects of the business, from further enhancing the logistics distribution system, streamlining the operational processes, activating the new wholesale division, embarking in innovative technology ventures,” Mr. Sia said.
The company launched “dark groceries” in partnership with online delivery service Foodpanda, which are said to be “invisible” grocers and it caters only to online deliveries within the branch’s vicinity.
In April, MerryMart said it is also launching MBOX smart lockers, the first business under its consumer technology portfolio.
“MerryMart will continue to keep its eyes open for M&A (mergers and acquisition) opportunities in both the grocery and pharmacy space that would accelerate its growth,” Mr. Sia said.