MerryMart books P8.35M net income in Q1, up 50%

Listed MerryMart Consumer Corp. saw a double-digit increase in its bottomline during the first quarter of 2020.

In a disclosure to the Philippine Stock Exchange on Wednesday, MerryMart said its consolidated net income reached P8.35 million, up 50.50% from P5.55 million year-on-year.

Consolidated revenues stood at P794.91 million, up 39.79% from P568.65 million last year.

MerryMart debuted on the PSE last June 15, raising P1.6 billion from its initial public offering. 

The company said it opened four new branches during the first quarter of namely MerryMart Grocery – Calamba, MerryMart Store – Ayala Malls Manila Bay, MerryMart Grocery - Mayombo, and MerryMart Grocery – Sorsogon.

MerryMart said it now has a total of seven operational branches and anticipates to open an additional 18 new branches before the end of the year bringing its total targeted branch network to 25 by the end of 2020.

“This behavior-altering COVID-19 pandemic has made the MerryMart team realize the benefit of being light and nimble in dealing with this once in a generation global pandemic. Being a new player in the industry, it will not have to face the major issue of reconfiguring a big complex structure because MerryMart has actually just started to build its foundation, and has the flexibility to mold its expansion masterplan according to the new normal that we all continue to decipher as we move forward,” MerryMart chairman Edgar “Injap” Sia II said.

The company said it aims to launch its online delivery by the third quarter of 2020 to service the whole of Metro Manila.

MerryMart is targeting to have a total of 1,200 branches nationwide by 2030, with an aim of reaching P120 billion in system-wide sales revenue. —LDF, GMA News