MerryMart Consumer Corp. has posted a full-year 2023 net income of PHP 408.2 million, compared to PHP 574.0 million in the previous year, as it invests in long-term growth while its wholesale business is in a “scale-up stage.”

MerryMart’s revenue grew to PHP 6.30 billion in 2023, and its total assets were reported at PHP 12.31 billion as of Dec. 31, 2023.

The company said in a news release that it continues to invest in parts of its business as it expects to “significantly grow its market share with improvements in distribution centers, logistics and systems upgrades.” MerryMart noted that the wholesale e-commerce business has expanded with tighter margins “but with higher transaction value.”

In July, MerryMart plans to launch its largest standalone full-sized supermarket in Ayala Land’s Cresendo Estate in Tarlac. The store, which covers an area of 4,032 square meters, will be an eco-friendly supermarket outfitted with roof solar panels, LED lighting fixtures, as well as have bicycle slots and provisions for electric car charging.

Laying the Foundation for Long-Term Sustainability

MerryMart Chairman Edgar “Injap” Sia II said that the company is laying the foundation for optimal growth in the years to come, targeting long-term sustainability.

“We are glad that MerryMart has delivered revenue growth from its current business lines continuously gaining market share and investing in the foundation of any business is like laying down sturdy roots for a mighty tree,” Sia said. “Just as a tree needs a strong foundation to support its growth, a business needs solid infrastructure, efficient processes, [a] skilled workforce, and innovative strategies to thrive in the long run.”

“By allocating resources towards the foundation of MerryMart we are fortifying its core elements which include continuously upgrading our technology infrastructure to optimize supply chain logistics. Furthermore, focusing on the foundation sets the stage for future growth and expansion. With a strong foundation in place, MerryMart will be better equipped to weather challenges and scale operations efficiently in the future,” Sia continued. 

“We are making strategic decisions that prioritize long-term sustainability above all, laying the groundwork for the future success and growth of MerryMart to delight the customers today as well [as] the next decades. All these are components of the overall strategy that is expected to contribute towards its intended goal to achieve its 2030 vision,” he concluded.

Sia is one of the awardees of the first The Business Manual CEO Awards held earlier this year. He is also the Chairman of DoubleDragon Properties Corp. and is known as the youngest billionaire in the Philippines, which happened when he sold 70% of fast-food chain Mang Inasal to Jollibee Food Corporation for PHP 3 billion.

Meanwhile, MerryMart said its subsidiary MM Consumer Technologies Corp. with MBOX Smart Lockers is the first in its consumer technology portfolio that is expected to add and complement to the ecosystem of the MerryMart Group. 

MerryMart is targeting to put up a total of 1,200 branches nationwide by 2030 and aiming to generate PHP 120 Billion in system-wide recurring consumer sales revenue.