News April 18, 2024

This Specialty Retailer’s Profit Soared to PHP 2.58 Billion in 2023

A continuous demand for signature brands drove the increase in profit enjoyed by the company.

SSI Group, which is owned by the Tantoco family, has revealed that its profits soared to PHP 2.58 billion in 2023. This is a 33.7% increase from the company’s PHP 1.93 billion profit in 2022.

According to SSI’s annual income report, the company’s net income in 2023 rose by 34%. Revenues, on the other hand, also increased by 16.6% to reach PHP 27.7 billion.

PHP 1.1 billion of the company’s earnings came from the fourth quarter of 2023. This is considered one of the busiest shopping seasons of the year due to the holidays.

It is worth noting that 7% of SSI Group’s total revenues for 2023 are from e-commerce sites as well as third-party marketplaces. The company launched its digital platform, Truc.ph, in 2020, giving its customers the opportunity to shop from their favorite signature brands online.

Consumer Preference for Signature Brands

The increase in SSI Group’s profit comes as consumers continue to prefer international brands, particularly in clothing and restaurant dining.

In a statement, SSI Group President and CEO Anthony Huang said, “Our record full year 2023 results reflect the group’s ability to capture increasing discretionary spending through our emphasis on world-class customer experiences.”

“The group also continues to benefit from a resilient customer base, a flexible operating platform, an optimized expense base, and a strong cash position,” Huang added.