(Last Updated On: October 25, 2022)
The third quarter earning results for PSE listed company Wilcon came out strong with 77.75% upward performance as compared last year.
This brought in a 1.1 Billion pesos earnings for the company with 482Million pesos year over year income, which proved its resilience over time that majority of our stocks are fighting the effect of inflation.
Its Metro Manila stores brought a strong recovery bringing in a net sales of 8.78 Billion, 32.6% or P2.158 billion higher than the 2021 third quarter sales.
Gross profit hiked by 37.4% or P941 million year-on-year to total P3.459 billion. The increase was driven mainly by the rise in the gross profit margin rate to 39.4% from 38.0% in 2021 as the contribution of higher margin products increased from 49% to 51%.
“Wilcon once again delivers a banner quarter going from strength to strength coming off a stellar second quarter. The complete turnaround of our stores from the slight slump in the third quarter of last year, propelled comparable sales growth to 23.5% year-on-year,” said Wilcon’s President and CEO, Lorraine Belo-Cincochan.
She added, “This is the re-opening scenario that we hoped to happen last year but was stymied by the Delta variant surge. A lot more private construction has indeed resumed this year, particularly those that were delayed due to mobility restrictions and lack of manpower, inflation notwithstanding. And we were ready to serve our market, we were able to provide our customers with the widest selection of products and our usual excellent customer experience since we have prepared well for this re-opening.”
Operating expenses including lease-related interest expense as a result of higher volume of business also increased by 19.7% or P351 million to close at P2.134 billion for the quarter.
Stock price of Wilcon jump by 1.75% and closed to 29 pesos per share.