MerryMart consolidated net income up by 50.5%

MERRYMART Consumer Corp. (“MERRYMART” or “The Company”) reports Consolidated
Revenues for the first quarter of 2020 has reached Php 794.91 Million an increase of 39.79% vs.
the Php 568.65 Million booked in the same period last year. Consolidated Net Income reached
Php 8.35 Million an increase of 50.50% compared to only Php 5.55 Million booked in the same
period last year.

As of the end of March 2020, Consolidated Total Assets stood at Php 1.90 Billion from only Php
914.6 Million end December 2019, an increase of 107.6% in the first three months of the year.
Consolidated Total Equity likewise increased by 276.0% in the first three months of the year to
Php 406.94 Million. The Company’s assets and total equity are expected to significantly increase
by the second quarter of 2020, given the recently concluded initial public offering on the Philippine
Stock Exchange which enabled the Company to raise Php 1.59 Billion of additional cash and
equity.

MERRYMART opened four (4) new branches during the first quarter of 2020 namely
MERRYMART Grocery – Calamba, MERRYMART Store – Ayala Malls Manila Bay,
MERRYMART Grocery - Mayombo and MERRYMART Grocery – Sorsogon. MERRYMART now
has a total of seven (7) operational branches and anticipates to open an additional eighteen (18)
new branches before the end of the year bringing its total targeted branch network to twenty-five
(25) by the end of 2020. This is in line with the Company’s goal of opening more MERRYMART
stores around the country and become a key household brand.

“This behavior-altering Covid19 pandemic has made the MERRYMART team realize the benefit
of being light and nimble in dealing with this once in a generation global pandemic. Being a new
player in the industry, it will not have to face the major issue of reconfiguring a big complex
structure because MERRYMART has actually just started to build its foundation, and has the
flexibility to mold its expansion masterplan according to the new normal that we all continue to
decipher as we move forward,” said MERRYMART Chairman Edgar “Injap” Sia II.

MERRYMART expects to operate branches in the main strategic areas of Metro Manila within the
next 12 months for it to efficiently cover the essential retail market both online and offline.
MERRYMART aims to launch its online delivery by Q3 2020, targets to have the most relevant
branded household essential online delivery platform.

About 1,600 essential products from MERRYMART are already available on the FoodPanda
delivery app covering proximate area from the store. MERRYMART aims to launch its in-house
online delivery within the third quarter of this year to service the whole of Metro Manila which will
make available over 3,000 MERRYMART essential products delivered to your doorstep.
MERRYMART aims to cover all the grocery retail categories from small, medium and large
grocery retail formats.

MERRYMART will have three (3) grocery retail formats:
1. MERRYMART Grocery
2. MERRYMART Market
3. MERRYMART Store
MERRYMART has set its Vision 2030 with the goal of rolling out a total of 1,200 MERRYMART
branches nationwide with an aim of reaching Php 120 Billion in systemwide sales revenue.

-PSE Edge 

 

Source: Peso Economics