MERRYMART EARNS 13.6 MILLION
Merrymart Consumer Corp. disclosed earnings of P13.67 million, an increase of 23.91 percent from its year-ago earnings of P11.03 million.
Consolidated revenues for the first half of 2020 has reached Php 1.64 billion an increase of 35.18% vs. the Php 1.21 billion booked in the same period last year.
As of the end of June 2020, consolidated total assets stood at Php 3.27 billion from only Php 914.63 million end December 2019, an increase of 257.20% in the first six months of the year. Consolidated total equity increased exponentially by 1,635.25% in the first six months of the year to Php 1.88 Billion due to the effects of Merrymart’s initial public offering on the Philippine Stock Exchange.
Consolidated debt-to equity levels dropped to 0.24x which means that total interest-bearing debt is less than one=fourtrh of total equity. The company’s consolidated cash stood at Php 1.94 Billion as of June 30, 2020.
Merry Mart opened two (2) new branches last Saturday (August 8, 2020) namely Merrymart Grocery – Isulan, Sultan Kudarat and Merry Mart Grocery – Bulua Cagayan de Oro. It now has a total of nine (9) operational branches and is scheduled to open an additional seventeen (17) new branches before the end of the year bringing its total targeted branch network to twenty-five (25) by the end of 2020.
The company is scheduled to open its first Drive Thru store along Diversion Road, Iloilo City (beside St. Joseph School) this coming January 2021.
“The Merry Mart team continues to decipher and recalibrate its expansion plans as we move forward towards the ‘new normal’ that consumers are adjusting to. The team locates its branches in strategic locations factoring the post-pandemic new normal scenario. The Merry Mart online platform is scheduled to launch this quarter, while the Merry Mart Drive Thru store has just been developed and will soon be deployed in various major thoroughfares,” said Merry Mart Chairman Edgar “Injap” Sia II.