Injap Sias’ MerryMart profits surge 140% in the 1st half of 2024

Tycoon Edgar “Injap” Sia II’s supermarket and grocery store chain Merry Mart Consumer Corp. grew profits during the first half of 2024 by over 140 percent to P16.1 million as revenues jumped almost 30 percent to P3.81 billion. 

The boost in revenue was largely attributed to the addition of new stores, the success of MerryMart Wholesale, and the continued growth of existing outlets. 

Earlier this year, MerryMart Wholesale said it surpassed 200,000 registered members, with its e-commerce platform expected to grow to 500,000 users this year, offering over 15,000 essential products for businesses, offices, and households.

Meanwhile, the company said sale of goods made up about 98 percent of total revenue. 

Gross profit also improved by 24.2 percent to P622.8 million, supported by higher sales and increased operating income. 

Operating expenses grew by 16.7 percent, reflecting the costs associated with new store operations and higher depreciation and salaries.