Wilcon Depot profit up 254% in H1

MANILA, Philippines — Wilcon Depot Inc., the listed home and finishing construction supply retailer, reported a first half net income of P1.25 billion, up P254 percent or P895 million year-on-year.

Net sales jumped 48.5 percent  to P13.43 billion.

For the second quarter, net income increased to P643 million from P24 million a year ago due mainly to the recovery in net sales.

Wilcon generated P6.75 billion of net sales in the second quarter, up 95.7 percent or P3.3 billion, driven by the increase in the number of transactions especially of branches in Luzon.

To date, Wilcon has 67 branches nationwide.   Four new stores were opened during the first half.

The depots, accounting for 97.3 percent of total net sales, grew by 49.6 percent to P13.068 billion. The smaller format, Home Essentials, registered P267 million in  net sales, up  24.2 percent.

In terms of capital expenditures for the first half, Wilcon spent P1.15 billion, mostly for the construction of new stores.

Lorraine Belo-Cincochan, Wilcon’s CEO and president said, “we’re pleased that we were able to sustain our first quarter results despite a quite difficult April, which was the height of the NCR plus quarantine.”

She said  the remaining five new stores targeted to open for the year are on track with the fifth new store opening Friday  in Sorsogon in the Bicol region.