AllDay Marts Inc., a listed mid-premium supermarket owned by the Villar Group, reported a 22 percent drop to P301.8 million in net income last year, hurt by increases in expenses and income tax, and a sharp contraction in other income.
Sales last year increased 3.2 percent to P9.76 billion, helped mainly by opening of new stores. But since AllDay Marts opened fewer stores in 2022 compared to 2021, other income, primarily support fees from suppliers, fell 36 percent on year to P51.4 million.
Expenses last year increased to P9.31 billion compared with P9.02 billion in 2021 while income tax almost doubled to P100.1 million from P58.1 million following the reversal of deferred tax liabilities due to the change in tax rate as an effect of the CREATE Law to align with the 25 percent corporate income tax rate and the tax effect of the initial public offering expenses charged against equity.
“It is worth noting that there were numerous challenges to sustaining AllDay’s performance going into the post-pandemic scenario, with a marked change in spending across AllDay’s market,” said AllDay chairman Manuel Villar.
“The country has returned to normal, and Filipinos have not only resumed normal spending on travel and leisure—they have done so with a vengeance. Despite this, AllDay was successful in growing its business in 2022 and continued to elevate the supermarket experience for the Filipino. At the heels of exceptional performances in the pandemic, we are pleased with our 2022 results,” added Villar.
