Wilcon Depot's Q3 net income soars as economy reopens

MANILA, Philippines — Wilcon Depot Inc. reported double-digit expansions in profits in the third quarter as the construction supply retailer reaped the benefits of a reopened Philippine economy. 

In a disclosure sent to the Philippine Stock Exchange on Tuesday, the construction supply retailer revealed its net income leapfrogged 77.5% year-on-year to P1.1 billion in the third quarter. 

Wilcon noted the growth in their gross profit margins outpaced increasing operating expenses, which shot up 19.7% year-on-year in the third quarter.  

Net sales rose 32.6% on a yearly basis to P8.78 billion. This expansion was driven by the reopening of its Metro Manila stores and some of its new stores. As it is, the home improvement company opened four new stores in the third quarter, bringing their total to 80 stores nationwide. 

“This is the re-opening scenario that we hoped to happen last year but was stymied by the Delta variant surge. A lot more private construction has indeed resumed this year, particularly those that were delayed due to mobility restrictions and lack of manpower, inflation notwithstanding,” Lorraine Belo-Cincochan, company president and chief executive, said.

Year-to-date, Wilcon’s net income soared 58.3% compared with a year ago to P2.960 billion.

Gross profits fattened 37.4% year-on-year to P3.459 billion from July to September.