Wilcon Depot reports P2.56-billion profit

Construction and furniture supply firm Wilcon Depot said it posted a net income of P2.561 billion in 2021, up by 76.8 percent from the previous year, according to a report by ABS-CBN.

The growth was mainly driven by an increase in sales and expansion of gross profit margin but was partly offset by an operating expense hike, it said in a disclosure to the stock exchange. 

Net sales reached P27.51 billion for the year, up 21.6 percent, it added.

In the fourth quarter, net income grew 22.8 percent to P692 million, Wilcon Depot said. 

"We delivered a stronger quarter-on-quarter performance for the fourth quarter, which raised our net income for the year higher than initially expected," Wilcon president and CEO Lorraine Belo-Cincochan said.

Capital expenditure for the year reached P2.161 billion which was mostly spent on expansion.

"Should the Covid-19 situation continue to improve during the year, we are expecting private construction to normalize and our annual sales growth to stabilize and return to pre-pandemic trend,” Belo-Cincochan said. 

For 2022, the company plans to add at least 8 new stores in line with its 100 network target by 2025.