MerryMart sees revenue exceeding P7 billion last year

MANILA, Philippines — MerryMart Consumer Corp. of tycoon Edgar “Injap” Sia II expects its full-year 2024 revenues to grow by double digits to at least P7 billion, driven by the additional stores and the continuous growth of existing branches.

“Pre-IPO (initial public offering), our revenue was P2.5 billion. We’re probably going to hit more than P7 billion last year. It’s been quite a journey,” MerryMart chief finance officer Hannah Yulo-Luccini said.

The projected revenue last year entails an increase of at least 11 percent from its 2023 top line of P6.3 billion.

MerryMart’s revenue from January to September 2024 jumped by 24.7 percent to P5.76 billion from P4.62 billion in the same period in 2023.

From only seven outlets when it listed in June 2020, MerryMart has grown its network to 136 branches to date.

MerryMart has a goal of reaching 1,200 branches nationwide by 2030, generating P120 billion in system-wide recurring consumer sales revenue.

MerryMart Group’s various formats are MerryMart Express, MerryMart Market, MerryMart Grocery and MerryMart Wholesale.

Its subsidiary MM Consumer Technologies Corp. with MBOX Smart Lockers is the first in its consumer technology portfolio that is expected to add and complement to the ecosystem of the MerryMart Group.

“So what lies ahead? We’re expanding our core and replicating it nationwide. We believe that we have something really unique in the MerryMart Wholesale platform. The ability to expand this nationwide so that we will eventually replace distributors all over the country because logistics cost is the largest bit of retail distribution, right?” Yulo-Luccini said.

As part of the company’s social impact program, Yulo-Luccini said that MerryMart is also enabling sari-sari store owners to become mini-marts.

“We’re also constantly looking to innovate. We look at technology and we look at what is happening in other countries,” she said.