MANILA - Wilcon Depot said on Friday its net income jumped 50.2 percent to P3.848 billion in 2022 due to increased business volume and the resumption of private consumption as the economy reopens.
Net income in the fourth quarter was also strong at P888 million, the home and finishing supplies retailer said in a disclosure to the stock exchange.
Net sales grew 22 percent to P33.571 billion, it added.
"There was a marked increase in private construction activities toward the end of the first quarter up to the end of the year despite strong inflationary pressures. Our results reflected our resilience and adaptability in coping with the myriad challenges of operating in a pandemic-disrupted environment," Wilcon President and CEO Lorraine Belo-Cincochan said.
"We seized the country's overall economic recovery with our timely investments in inventory, our people and in process improvements. This enabled us to continuously serve the requirements of our customers and provide them with our usual excellent customer experience," she added.
In 2022, Wilcon said it opened 10 stores in Luzon, which brought its total network to 83. It spent a total of P2.643 billion in capital expenditures last year.
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