Puregold named among 500 high-growth firms in AsPac

MANILA, Philippines — Lucio Co-owned Puregold Price Club Inc. has been recognized by the London-based Financial Times (FT) in its latest annual ranking of 500 High-Growth Companies in the Asia-Pacific region.

“This latest annual FT ranking of 500 of the region’s high-growth companies comes at a time of peak risk,” the Financial Times said.

The rankings “show how these businesses have fared over the past year, but they do identify those that were in a position of strength coming into the crisis.”

This year’s rankings, compiled in partnership with FT sister publication Nikkei Asia and research provider Statista, lists businesses from the region’s most developed markets, according to their pre-pandemic compound annual growth rate (CAGR) in revenue between 2016 and 2019.

In its survey results, Puregold recorded an absolute growth rate of 37.2 percent from 2016 to 2019, which put the retailer at number 483 and one of only 20 Philippine companies on the list, the FT said in its survey.

This translates to a compounded annual growth rate of 11.1 percent, heading into the year 2020.

Puregold was able to sustain its growth and recorded an 18.9 percent increase in consolidated net income to P8.05 billion in 2020 from P6.77 billion in 2019, data from the company showed.

It continued this run in the first quarter, with net income growing by 14.6 percent to P2.02 billion despite posting a decline in net sales.

“We are humbled to be considered among the few Filipino companies in this Top 500 list,” said Puregold president Ferdinand Vincent P. Co.

He said Puregold’s innovations and investments in new systems would continue to drive the organization forward.

Puregold has a goal to have 500 stores nationwide. In its recent annual stockholders meeting, officials said the company would open at least 30 new stores nationwide.

The company has earmarked P4.1 billion to P4.7 billion for capital expenditures this year. Half of this year’s budget or around P1.7 billion to P2.3 billion, will be set aside for new stores.