Noted as “the fast-rising supermarket chain” for their outstanding market debut at the Philippine Stock Exchange Monday, MerryMart achieves another milestone just a month after.
MerryMart’s milestone after milestone amidst the COVID-19 pandemic
Previously, MerryMart showed its potential with a raise of initial public offering (IPO) from P1 to P1.50. With the 50 percent IPO raise, MerryMart successfully gains a raise of P1.6 billion from the IPO. Considering the chaos in the global market caused by the coronavirus disease 2019 (COVID-19) pandemic, MerryMart is doing great.
Following its success in June, this month, MerryMart records a 50% profit growth from the previous year’s revenues. According to BusinessWorld, MerryMart’s revenue shows a jump as big as 40 percent from P568.65 million to P.749.91 million. The official release also adds that their stock exchange from the first-quarter net income rose from the initial number of P5.55 million to P8.35 million. This accounts for seven operational branches spread all over the Philippine during the three-month period.
MerryMarts’ contributors to its milestone
Due to the ongoing pandemic, demands for basic needs increase. This is deemed to become one of the main contributors to MerryMart’s success. Including mini grocery, pharmacy, and health and beauty lines in their stores, MerryMart easily attracts potential consumers.
Regarding the current pandemic, Merrymart chairman, Edgar Sia II states that “the pandemic has made the MerryMart team realizes the benefit of being light and nimble.”
He adds that “being a new player in the industry, MerryMart will not have to face the major issue of reconfiguring a big complex structure because MerryMart has the flexibility to mold its expansion masterplan according to the new normal.”
Succeeding the four new stores opened in the first quarter of the year MerryMart seems to aim for another milestone. The company foresees to open 18 more branches in several areas around the country. They also aim to start an in-house online delivery platform by the third quarter.
