Philippine Seven Corp. (PSC), the operator of the 7-Eleven convenience store chain, expects another banner year, supported by its resilient business model and expansion outside Metro Manila, according to its top official.
Photo Insert: PSC’s first quarter net income surged by 165% to P527.6 million.
“First quarter is a record first quarter and we believe 2023 will be a record year,” said Jose Victor Paterno, PSC president and CEO when asked if the company expects to sustain the growth momentum and hit another record performance this year.
PSC’s first quarter net income surged by 165% to P527.6 million. The company has allotted P3.7 billion for its capital expenditures this year to support its continued expansion.
Last year, PSC hit a record net income of P2.06 billion, the highest in its corporate history. This achievement marks a significant turnaround from the net losses incurred in the previous two years – P461 million in 2021 and P419.7 million in 2020.
System-wide sales, which represent the retail sales and service income of all corporate and franchise-operated 7-Eleven stores, rose by 39.7% to almost P66 billion last year. Revenue from contracts with customers increased by 38.8 percent to P62.7 billion, while revenue from merchandise sales went up 41.5% to P56.7 billion.