Sia-led firms post gains in Q1

The supermarket chain and the real estate investment trust company of tycoon Edgar “Injap” Sia II reported gains in their net income for the first quarter of the year.

In a disclosure to the Philippine Stock Exchange (PSE), MerryMart Consumer Corp. reported a 13.28 percent growth in first quarter consolidated net income to P9.46 million from P8.35 million a year ago.

Consolidated revenues of MerryMart in the first quarter amounted to P915.47 million, a 15.17 percent increase from P794.9 million a year ago.

“2021 will be an important year for MerryMart Group as the team is simultaneously working intensely on various aspects of the business, from further enhancing the logistics distribution system, streamlining the operational processes, activating the new wholesale division, embarking in innovative technology ventures such as its Dark Groceries partnership with FoodPanda, and the upcoming roll-out of MBOX smart lockers,”said Sia, chairman of MerryMart.

“All geared to enable the MerryMart Group to significantly grow its branch network, increase its revenue volume, and further deepen MerryMart’s overall relevance to the general consumers,” he added.

For this year, MerryMart is eyeing open an additional 66 new branches, which will bring its total number of branches to 100.

DDMP REIT, meanwhile, posted an 11.7 percent growth in its first quarter net income to P399.6 million from P357.8 million a year ago.

It reported a rental income of P508.6 million, 1.82 percent higher than last year’s P499.5 million.

With the positive first quarter performance, the company declared P358.97 million cash dividends.

“We are pleased to conduct the second consecutive cash dividend declared to the shareholders of DDMP REIT this quarter, this time covering the profits that DDMP REIT generated during the first quarter of 2021,” Sia said.