The SSI Group posted record net income last year of P1.93 billion, over 13 times the 2021 profit and more than double the pre-pandemic results as demand for well-known international brands it retails remained strong and a rationalized expense base kept costs in check.
Fourth quarter results accounted for over half of 2022 net income of P1 billion, up 70 percent year-on-year.
Full-year sales increased 54 percent to P23.8 billion while expenses soared 40 percent to P20.45 billion.
“I am pleased that the strategies we began to implement in 2020, strategies meant to enable a quick turnaround in the group’s financial performance post-COVID, and strengthen the group’s position as a unified retailer, with a strong brick-and-mortar and e-commerce presence, delivered the desired results,” said Anthony Huang.
“We will continue to capitalize on these strategies, which are meant to drive sales and capture customer demand, through the delivery of compelling customer experiences, anchored on an exciting brand portfolio, a strategic store network and a distinct e-commerce presence, throughout 2023,” he added.
