Despite the economic slowdown and chronic threats of lay offs, Filipinos seem to keep buying beauty products, especially those that make skin fairer.
Sales of popular whitening brands, Skin White and Maxipeel, exceeded the P1 billion mark in October and November 2008, prompting listed beauty and personal care giant Splash Corp. to express confidence that its full year financial performance will be rosy.
In a disclosure to the Philippine Stock Exchange, Splash president and chief operating officer Jessin Soriano said, "As we finalize our 2008 performance, we remain confident and optimistic that our yearend results both in terms of revenue and net income will be higher than previous year."
In 2007, Splash earned P271.23 million out of its revenues, which reached P3.01 billion.
The Filipino firm competes with multinational giants in various personal care subcategories ranging from skin and hair care, to bath, shower and baby care products, to deodorants.
Splash products are exported to 25 countries across the African, Asian, and North American continents, contributing to 15 percent of net sales. The company continues to expand its international operations with the signing of distribution agreements with companies in the United States, Malaysia, Brazil, Hong Kong, and Macau.
“We remain faithful and committed to our goal of becoming an international player in the personal care category and be a source of pride and inspiration to many other Filipino enterprises," Soriano said.
Splash Corp. is a 70-percent owned company by the Hortaleza family through Splash Holdings Inc. The company has grown into a P4-billion enterprise from its humble P12,000 start-up capital in 1985.