VILLAR-LED AllHome Corp.’s attributable net income for 2022 fell by 35% to P933.77 million from P1.44 billion the prior year, the company said on Tuesday.
In its annual financial statement, the seller of home improvement products reported a 12.3% decline in revenues to P12.56 billion from P14.32 billion due to weakened sales since the second quarter of 2022.
“AllHome’s 2022 performance is one that still bears the hallmarks of the many changes of the post-pandemic scenario,” AllHome Chairman Manuel B. Villar, Jr. said in a statement.
“The ‘revenge spending’ phenomenon that marked the inevitable end of the pandemic has shifted to travel and leisure with the lowering of restrictions on these activities. Despite the business challenges, AllHome will continue to push efficiencies where we can, such as our recorded improvements on our gross and net profit margins,” Mr. Villar added.
The company’s gross profits declined by 8% to P4.62 billion from P5.02 billion the prior year. Its costs decreased by 14.7% to P7.94 billion from the P9.31 billion reported the previous year as goods were purchased in advance at lower costs.
Last year, the company’s store outlet in Alabang was damaged by fire. As a result, it wrote off inventories and property and equipment valued at P83.8 million and P219.3 million, respectively.
As such, the bottom line for the year excluded the damage caused by the fire, bringing its core net profits to P1.17 billion.
“By ensuring significant visibility with organizations and industry events such as UAP, Worldbex and continuing to tap building and home improvement professionals with our signature events such as Coffee Connections and Home Design Inspirations, we believe AllHome only stands to gain even more confidence from the industry at large,” President and Chief Executive Officer Benjamarie Therese N. Serrano said.
AllHome shares rose by 1.9% or four centavos to end at P2.14 apiece. — Adrian H. Halili