MerryMart Q1 Profits Rise 50.5%

MerryMart Consumer Corp grew in net profit for the first quarter by 50.5% year-on-year to ₱8.35 million during the Covid-19 pandemic. 

Consolidated revenues in Q1 increased by 39.79% year-on-year to ₱794.91 million. 

So far MerryMart has 7 operational branches, 4 of them opening in Q1 of 2020. The grocery chain operator aims to open its online delivery platform by Q3 of this year, as well as 18 additional branches before the end of 2o20.

MerryMart aims to have 1200 branches in the Philippines by 2030.

Edgar Sia II, MerryMart chair, made a press statement saying “This behavior-altering Covid-19 pandemic has made the MerryMart team realize the benefit of being light and nimble in dealing with this once-in-a-generation global pandemic. Being a new player in the industry, it will not have to face the major issue of reconfiguring a big complex structure because MerryMart has actually just started to build its foundation, and has the flexibility to mold its expansion masterplan according to the new normal that we all continue to decipher as we move forward.”