Splash net income up to P156M in 9 months

Local beauty and personal care giant Splash Corp. yesterday said its net income more than doubled to P156.2 million in the nine months ending September this year, mainly driven by the strong performance of new product offerings.

In a financial report filed with securities regulators, Splash said sales  increased by only 2.2 percent to P1.875 billion from only P1.835 billion the same period a year ago.

During the period under review, Splash launched Biolink VCO 5-minute hot oil conditioner, Biolink VCO shampoo, Biolink VCO soap and lotion, Extract Papaya-Calamansi Whitening Line, SkinWhite Whitening Deodorant, SkinWhite Power Whitening Solution, Extraderm Age Defy line, Maxi-peel Concealing Cream, Tricks Exfocleanser, Vitress Cuticle Coat variants and Kolours Color Recharge Shampoo and Conditioner.

Splash said the Extract brand grew by 106 percent while the Biolink and Kolours brands grew by 44 and 23 percent, respectively.

Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to P275.95 million, up 41.6 percent from P81.05 million a year earlier.

In the third quarter alone, Splash posted a net profit of P12.45 million, 80.07 million lower than the previous level of P62.1 million.  The decline was due to the temporary suspension of business with a national retail chain pending the restructuring of the deal to come up with fair and equitable terms.

“We are certainly committed to maintaining our leadership as the country’s local premiere personal care company. The number of new products and variants that we have launched this year characterizes this commitment. Even more important is that Splash is on its way to solidifying our regional operations and exploring the potential increase in business because of the harmonized ASEAN cosmetic regulatory environment scheduled for next year,”said Splash senior vice president and chief financial officer Noel Manucom.

In line with efforts to further beef up its presence overseas, Splash, through its International Operations group, signed a Memorandum of Understanding (MOU) with Rejoice Moments Sdn. Bhd., allowing the latter to distribute exclusively Splash products in Malaysia.

Rejoice Moments will initially serve outlets in East Malaysia focusing on exfoliant products, Extraderm White & Smooth and Maxi Peel New Generation Exfoliant.

Splash recently raised P1.8 billion from an initial public offering of shares which the company plans to use to build on its research and development capability and fund acquisitions.