Wilcon Depot Inc. grew its profit last year by 15.7 percent to P2.12 billion, from P1.84 billion the prior year.
Net sales increased 26.3 percent to P24.48 billion, from P21.04 billion the previous year.
Wilcon attributed the growth in its sales to “a steady ramp up of the new stores which contributed 67.9 percent of the total increase in sales.”
“Six new depots were opened during the period, increasing the branch tally to 57 at the close of 2019,” the company said in a statement.
Wilcon said its depots contributed 95.9 percent of net sales at P23.469 billion.
“Depot sales rose by 16.5 percent or P3.318 billion with a same store sales growth of 5.0 percent,” it said.
“Sales from the smaller format, Home Essentials, accounted for 2.7 percent or P658 million of net sales, growing by 6.2 percent in total with a same store sales growth of 4.0 percent,” it added.
Wilcon currently has seven Home Essentials branches.
“Project sales meanwhile accounted for the remaining 1.4 percent or P349 million (of sales), growing 28.6 percent or P78 million year-on-year,” Wilcon said.
The company said it is on track to close 2020 with a total network of 65 stores. It is set to open between eight to nine depots this year.
For 2020, Wilcon has budgeted around P2.9 billion in capital expenditures to fund the construction of new stores, more renovations and extensions.
The company is targeting to maintain a mid-teen topline and net income growth for 2020.
