VILLAR-LED AllHome Corp. (AllHome) doubled its net income in 2019 to P1.1 billion as revenues surged on the back of an aggressive store expansion.

In a statement Monday, the listed home development retailer said its 2019 performance marked a banner year for the company, as revenues shot up 68% to P12.1 billion.

“Together with AllHome’s debut in the stock market, 2019 was a milestone for the company also in terms of operations as we registered strong growth in both topline and bottomline numbers… We are very pleased with the company’s solid performance in achieving our full year target,” AllHome Chairman Manuel B. Villar, Jr. said in the statement.

The company attributed its robust performance last year to the opening of 22 new stores across the Philippines. This raised AllHome’s total assets to 45 stores, comprising 22 large mall-based, 10 large free-standing and 13 specialty stores.

AllHome President Benjamarie Therese N. Serrano said the company’s plan is to introduce new store formats to expand AllHome’s customer base.

“We will launch the first phase of AllHome which will be carrying majority of our Hard categories, to areas where it’s still in the early stage of housing construction with a plan to eventually expand it to a regular AllHome once home buyers ‘start to move-in’,” Ms. Serrano said.

AllHome said the coronavirus disease 2019 (COVID-19) pandemic has been posing a threat to its supply chain. But it said the proceeds from its stock market listing last year gives the company a layer of financial security to continue store expansion.

“We believe that the home improvement industry will bounce back as soon as the lockdown is lifted as there will be pent-up demand after staying at home for almost three months,” AllHome Vice-Chairman Camille A. Villar said.

AllHome has started reopening its store network as quarantine restrictions have started to ease. But as the COVID-19 pandemic still lingers, it will be maintaining safety protocols in stores such as requiring face masks and temperature checks and maintaining physical distancing of one to two meters for customers.

The company has also opened an online shop to accommodate customers without having to go to its physical stores.

Shares in AllHome at the stock exchange fell five centavos or 0.93% to P5.31 each on Monday. — Denise A. Valdez