Wilcon Depot Inc. on Friday said net profit last year rose 50 percent to P3.85 billion as sales at the lead home improvement and finishing construction supplies retailer got a boost from the growth in private construction.
Net sales increased 22 percent to P33.57 billion while cost of sales was up 19 percent to P20.45 billion. Operating income was up 50 percent to P5.11 billion.
“There was marked increase in private construction activities toward the end of the first quarter up to the end of the year despite strong inflationary pressures. Our results also reflected our resilience and adaptability in coping with the myriad challenges of operating in a pandemic-disrupted environment,” Wilcon president and chief executive officer Lorraine Belo-Cincochan said in a statement.
She said investments in inventory, people and processes have allowed Wilcon to take advantage of the economic recovery.
Last month, the board of Wilcon approved the distribution of P0.23 per share regular dividend and P0.14 a share special dividend. The dividends total P1.52 billion.
