MANILA - Wilcon Depot said it is on track to meet its goal of reaching 100 stores by 2025 as it continued to expand despite the challenges brought by the COVID-19 pandemic.

Wilcon ended 2021 with 73 branches, Wilcon founder and chairman emeritus William Belo said during the company's annual shareholders' meeting, which was also shared to the Philippine Stock Exchange.

The construction and home supply operator recently opened 10 stores, 9 depots and one smaller format store called Home Essentials which are mostly funded with internally generated funds, Wilcon Depot said.

"As we enter our 45th year as a business this 2022, we continue to focus on our strategic growth plans to fulfill our mission. We are well on our way to reaching our 100-strong store network by the end of 2025," he said.

"This thrust is anchored on our confidence in our market's resiliency and that their desire to build, improve and refine their homes for a sustainable and comfortable life remains unchanged," he added.

The year 2021 was also a record year for the company with an "all-time high" net sales of P27.5 billion, up 21.6 percent, and a record net income of P2.56 billion, which is 77 percent higher, Wilcon president Lorraine Belo-Cincochan said.

• Wilcon Depot net income up 76.8 percent in 2021
• Wilcon Depot 'not that worried' with IKEA entry, says CEO

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