The Company’s net combined profits increased 72.23% on Monday to P48.24 million last year from P28.01 million in the previous year, while its consolidated sales grew 33.74% to P3.47 billion in the previous year. MERRYMART Consumer Corp.
Last year, 22 new shops were launched by the Group, which achieved its goal of 25 industries by the end of 2020. It has 34 branches in the Philippines at this time.
Edgar “Injap” J. Sia II, MerryMart’s president, said in a statement: “As we launch new business areas our sales are rapidly that, but it can take a few months for a new business to hit optimum levels and become completely effective.
For a total of 100 outlets before year end, MerryMart wants to launch 66 branches nationally.
Most of the latest businesses will be in the MerryMart 3 in 1 household important shop with basic food, personal care goods and a pharmacy, the smallest size shop in the sector.
The combined net profits of the firm increased by 13.28 percent year-on-year to P9.46 million over the first three months of the year from P8.35 million.
Consolidated sales for the quarter also increased from P794.91 million, which was seen in the same span in 2020, by 15.17 percent to P915.47 million.
“2021 will be an important year for MerryMart Group, since the team works on many different areas of the market concurrently, including continuous enhancement of the logistics delivery chain, the streamlinement of operating procedures, activation of the current wholesale segment, and startup of creative technologies,” said Sia.
In collaboration with the internet ordering services, Foodpanda, the organization has introduced “black food” products that are called „invisible” foodstuffs and that only supply online supplies in the vicinity of the branch.
MerryMart has announced in April that it was releasing MBOX smart lockers, the world’s first consumer electronics enterprise.
“MerryMart remains open to M&A (mergers and acquisitions) opportunities in food and pharmaceutical areas that will speed up its growth,” said Mr. Sia.