Villar’s Allhome profits jump 46% in 9 months

The Villar retail group’s Allhome Corporation, the Philippines’ pioneering one-stop full line home center, posted a 46 percent jump in net income to ₱582 million in the first nine months of 2023 from the ₱399 million earned in the same period last year.

In a disclosure to the Philippine Stock Exchange (PSE), the home retail chain reported ₱8.78 billion in revenue for the first three quarters of the year, slightly lower than the P9.11 billion in the comparative period of 2022.

“We are heading into last quarter of 2023—historically strong for Allhome— and beyond that, a positive 2024 outlook. We are pleased that we are able to turn in a steady performance to close the first nine months of 2023,” said Allhome Chairman Manuel B. Villar Jr.

He noted that, “we are confident in the performance of our soft categories, as this shows that new homeowners are now entering into the furnishing stage, and we see this further picking up to close out 2023.”

“This uptick in Allhome’s soft categories also coincides with a holiday season where travel and movement restrictions from the pandemic are gone, and OFWS will be coming home to their families, which only bodes well for Allhome,” he added.

Allhome President and CEO Benjamarie Therese Serrano expressed optimism heading into the fourth quarter, noting that, “we are of course pleased with our business results at nine-month mark of 2023.”

“We set out to implement initiatives towards optimization of our operations across the board: store revenue potential, energy and manpower initiatives—even warehousing. We are glad to see all of these bear fruit,” she said

Serrano added that, "while we saw some slowing in our hard category performance, we also see a unique opportunity to wrestle market share from our competitors."

“In addition to our hard categories, the Allhome value proposition of one-stop full-line home center allows us to present to an attractive alternative to in terms of unique offerings and convenience to our customers,” she also said.

Allhome also declared cash dividends for its stockholders of record as of Nov. 30, 2023, to be paid on Dec. 15, 2023.

Allhome ended September 2023 with total assets of ₱26.9 billion.