AllHome Corp. is confident it will hit its full year target amid a 225 percent increase in bottomline for the first nine months of the year.
AllHome posted a nine-month profit of P746.2 million, compared with last year’s P229.7 million. Revenues jumped 72 percent to P8.2 billion, from P4.8 billion a year ago.
“AllHome continues to deliver solid performance which brings us closer to our full year target. As we have previously mentioned, the home improvement industry in the Philippines is still underpenetrated and we are taking advantage of such by aggressively opening AllHome to more locations across the country,” said Manuel Villar Jr., AllHome chairman.
Camille Villar, AllHome vice chairman, said the company is “very much on track” on its store expansion for the year and the next.
“We aim to at least double our net selling space by end 2020. Expansion is focused on Mega Manila for now, but the longer term plan is to bring AllHome to the rest of the Philippines,” she said.
Since incorporating in 2013, AllHome has opened 27 stores with an aggregate net selling space of about 215,994 square meters across 22 cities and municipalities.
During its initial public offering (IPO) stages, the company said it plans to open 18 stores this year and build 25 more by next year.
Benjamarie Therese Serrano, AllHome president, said in October alone, the company opened three new stores in Alabang, Bulacan and Cavite.
To date, the company has 30 stores across the country which are mostly in large mall based format.
“As the company continues to expand, we also aim to increase our customer base by introducing a starter AllHome format in areas where house construction is just starting, to provide more dedicated offerings and services to builders and contractors during the construction phase,” Serrano said.
AllHome, a one-stop shop home store in the Philippines, closed the period with total assets of P15.7 billion.
It made a debut in the Philippine Stock Exchange via IPO last October 10, raising P14.9 billion.
The company said it will start a new retail format called AllBuilders, which will offer a more extensive selection of hardware, tiles and sanitary wares and construction materials targeting contractors and builders. It intends to build six stores this semester.