MerryMart Jan-Sep profit up 26%

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Credit: Read the original article from Manila Times.

Listed grocery chain operator MerryMart Consumer Corp. posted a P14.5-million net income in the first three quarters, up 26.42 percent from P11.5 million in the same period last year.

In a statement on Monday, the Sialed firm also disclosed its revenues stood at P2.4 billion, a 28.35-percent improvement from the P1.9 billion figure it booked last year.

The company said its consolidated total assets also increased to P3.4 billion as of end September from P914.6 million in December on the back of new stores opened.

“Just like Mang Inasal, MerryMart too is in a business where a certain level of volume and branch network coverage is needed to achieve optimum operational efficiency and effective consumer brand pull. For that reason, during the second half of this year, we continued to ramp up our team and equip and enhance the backend support of the company as it prepares to soon reach its desired execution velocity,” MerryMart Chairman Edgar “Injap” Sia 2nd said in the statement.

MerryMart currently has 18 operational branches and expects to open seven more this year to reach its target of 25 stores in 2020.

It also launched on Monday their online delivery platform, merrymartdelivery.com.ph.
MerryMart was the first company to go public this year and was listed on the stock exchange in June.

MerryMart’s shares gained 40 centavos or 9.03 percent to end at P4.83 each on Monday.

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