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MerryMart posts 50% profit growth

Newly-listed grocery chain MerryMart Consumer Corp. said Wednesday net income in the first quarter rose 50 percent from a year ago on the back of a double-digit growth in revenues.

MerryMart said in a disclosure to the stock exchange first-quarter net income climbed to P8.35 million from P5.55 million in the same period last year. Revenues jumped 40 percent to P794.91 million from P568.65 million a year ago.

 “This behavior-altering COVID-19 pandemic has made the MerryMart team realize the benefit of being light and nimble in dealing with this once in a generation global pandemic,” MerryMart chairman Edgar Sia II.

“Being a new player in the industry, it will not have to face the major issue of reconfiguring a big complex structure because MerryMart as 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,” Sia said.

Topics: MerryMart Consumer Corp. , net income
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