AllHome eyes P1B profit

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AllHome is set to post P1 billion in profit for 2019, said Camille Villar, the company’s vice chairman, as it expands its footprint around the country.

The one-stop home store of the Villar family, which listed in October last year, is looking at a selling space of over 450,000 square meters by the end of this year, up from 313,000 sq.m. as of end-2019.

“We are set to bring AllHome to more locations in 2020,” said Manuel Villar Jr., AllHome chairman and the Villar patriarch.

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“Our expansion program is both sustainable and strategic by taking advantage of the synergies between our real estate companies such as Vista Land as well as the opportunities in the home improvement industry in the Philippines,” he added.

The female Villar expressed confidence that 2019 profits hit P1 billion, saying this is supported by the historically strong fourth quarter “as our stores would benefit from the holiday season as they are strategically located and are part of our innovative ecosystem of world class retail concepts surrounding it.”

“When it comes to inventory sourcing for our stores, it was fortunate that we were able to get funding for our working capital in October last year through our initial public offering which contributed to our increased inventory cover. We already secured the needed inventories for our planned store expansions as well as for our existing stores which can last between six to eight months,” said Benjamarie Therese Serrano, AllHome president.

In end-September, AllHome posted profits of P746.2 million, up 225 percent from P229.7 million the prior year. Total revenues surged 72 percent to P8.2 billion from P4.8 billion.

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