MANILA — Construction and furniture supply company Wilcon Depot said on Thursday it posted a net profit of 2.561 billion pesos in 2021, up 76.8 percent from a year earlier.
The growth was primarily driven by higher sales and gross profit margin expansion, but was partly offset by higher operating expenses, it said in a statement to the stock exchange.
Net sales reached P27.51 billion for the year, up 21.6 percent, he added.
In the fourth quarter, net profit rose 22.8% to P692 million, Wilcon Depot said.
“We delivered a stronger quarterly performance in the fourth quarter, which increased our net income for the year more than originally expected,” Wilcon President and CEO Lorraine Belo-Cincochan said.
Capital expenditure for the year reached P2.161 billion, mostly for expansion.
“If the Covid-19 situation continues to improve over the course of the year, we expect private construction to normalize and our annual sales growth to stabilize and return to the pre-COVID-19 trend. pandemic,” Belo-Cincochan said.
For 2022, the company plans to add at least 8 new stores in line with its goal of 100 networks by 2025.