MerryMart Consumer Corp. on Monday reported 2023 income falling 28 percent to P406.81 million from previous year’s P569.75 million on thinning margins of its wholesale business.
The company said its wholesale e-commerce business posted significantly tighter margins even though transaction values were higher.
It continues to invest in parts of its business that are important and expects to significantly grow its market share with improvements in distribution centers, logistics and in systems upgrades.
Revenue grew 18 percent to P6.97 billion from previous year’s P5.88 billion.
“We are glad that MerryMart has delivered revenue growth from its current business lines continuously gaining market share and investing in the foundation of any business is like laying down sturdy roots for a mighty tree. Just as a tree needs a strong foundation to support its growth, a business needs solid infrastructure, efficient processes, skilled workforce, and innovative strategies to thrive in the long run,” MerryMart chairman Edgar Sia II said.
In July, the company said it will open its largest stand-alone full-sized supermarket at the 4,032 square-meter Ayala Land Cresendo Estate in Tarlac.
The stand-alone eco-friendly supermarket with solar roof panels, LED light features and use of power-efficient equipment becomes the format for locations in horizontal communities.
The format will carry the full line of grocery, pharmacy, personal care and other basic essential products.
Its various formats include MerryMart Express, MerryMart Market, MerryMart Grocery and MerryMart Wholesale.
The company targets branches totaling 1,200 generating a combined P120 billion by 2030.
