Wilcon Depot posts net profit of 1 billion pesos in the second quarter

MANILA – Wilcon Depot Inc said on Wednesday its second-quarter net profit reached 1 billion pesos, up 56.4 percent from the same period last year.

Sales rose 15% in the quarter due to reduced pandemic-related disruptions, retailers of home improvement and finishing construction supplies told the exchange.

“The jump was attributable to higher business volume and gross profit margin expansion partially offset by higher operating expenses,” Wilcon Depot said.

Net sales rose 22.8 percent to P8.290 billion as it continued to expand its network, he added.

Wilcon Depot said it opened 2 new stores during the quarter.

For the first half, net income reached P1.856 billion, up 49 percent, it said.

“We built on our strong first quarter start and achieved our best quarterly sales and net earnings to date, this second quarter,” said President and CEO Lorraine Belo-Cincochan.

“We maintained our strategic focus and remained committed to providing the broadest range of home improvement and refinish construction products and consistent excellent customer service despite ongoing operational and supply chain challenges,” said she added.

The company aims to expand its network to 100 stores by 2025.