MerryMart Consumer Corp., a listed retail chain and wholesale e-commerce operation, said Tuesday net income last year reached P321.8 million, nine times more than previous as strong consumer spending pushed revenue over its target of P5 billion.
It reported revenues of P6.72 billion, up 71 percent year-on-year.
“We are pleased to announce that MerryMart has exceeded its original revenue target of P5 billion for 2022,” said MerryMart chairman Edgar “Injap” Sia II. “As previously set, the next very important goal will be to reach the P12 illion revenue mark as soon as possible, then from that point onwards we expect a far higher velocity of revenue growth towards the P120 billion revenue goal that we have set for 2030,” he added
Under its Vision 2030, MerryMart aims to have total of 1,200 branches nationwide that would generate P120 billion in recurring systemwide revenue.
MerryMart chief financial officer Hannah Yulo-Luccini said the company is pleased with the current trajectory of MerryMar Wholesale e-commerce platform, with the proto-typo central distribution center in Tarlac to be replicated in all 82 provinces to cover almost the entire consumer market.
“We are continuously improving the platform and will soon be launching various programs for the benefit of our loyal customers which are expected to further strengthen our position in the market,” she said,
MerryMart Group’s various formats are MerryMart Store, MerryMart Market, MerryMart Grocery, MerryMart Delivery and MerryMart Wholesale.
MerryMart has recently formed a new subsidiary, MM Consumer Technologies Corp, with MBOX Smart Lockers as the first in its consumer technology portfolio that is expected to add and complement to the ecosystem of the MerryMart Group.
