AllHome net profit down to P250 million

Villar-led AllHome Corp. recorded a lower net profit in the second quarter of the year, as the company recorded lower sales during the period.

In a regulatory filing to the local bourse, AllHome said its net profit fell to P250.022 million from P296.756 million in the same three months of 2021.

Quarterly sales declined to P3.026 billion from P3.132 billion, while tax expenses increased to P83.320 million from P66.436 million in the previous year.

The latest figures brought the year-to-date net profit to P222.112 million, down from P640.963 million the same quarter last year.

Sales for the first half fell to P6.265 billion from P6.723 billion, and the company also recorded a P303.130-million loss from fire damage during the first semester.

“While AllHome still continues to feel the effects of prevailing circumstances in the country, our current performance still shows marked improvement over pre-pandemic levels of 2019, and is an increasingly tangible and welcome sign that things are only going to improve for AllHome,” chairman Manuel “Manny” Villar Jr. said.

“People are returning to stores and spending more, and we fully intend to capitalize on this sustained optimism,” he added.

Villar ranked second on Forbes’ Philippines’ 50 Richest List with a $7.8-billion fortune, adding $1 billion in the past year.

AllHome’s product portfolio covers seven categories from local and international brands — furniture, hardware, appliances, tiles and sanitary wares, homewares, linens, and construction materials.

It has three store formats in operation under the AllHome brand including large mall-based stores, large free-standing stores, and small specialty stores.

It ended 2021 with 57 stores in operation, 43 in Mega Manila, seven in Luzon, three in the Visayas, and four in Mindanao. It aims to have 100 stores by 2026.

“Despite prevailing circumstances, our confidence in our capability to implement AllHome’s expansion strategy remains undeterred,” president and chief executive officer Benjamin Therese Serrano said.

“To date, AllHome has already five new locations in the first half of 2022 alone, with the highlight being our newest large format store in Davao,” she added.

Shares in AllHome were trading down 41 centavos or 7.69% at P4.92 apiece as of 11:37 a.m. on Tuesday, August 16.—AOL, GMA News