Convenience store chain 7-Eleven managed by Philippine Seven Corp. recorded P1 billion of profit last year.
The company’s net income grew by 21.6 percent, from P405.0 million in the last quarter of 2014 to P492.5 million in the last quarter of 2015. The rise in profits is due mainly on sales.
Philippine Seven Corp. disclosed to the Philippine Stock Exchange that the company's full-year bottom line amounted to P1.01 billion, which increased by 15.4 percent from P873.3 million in 2014.
READ ALSO: Loosen Bank Secrecy, Says Int’l Expert.
"The improved financial performance was largely driven by the increase in sales of all corporate and franchise-operated stores, which grew by 25.3 percent to P25.8 billion from P20.6 billion in 2014," the disclosure read.
There are 1,602 7-Eleven branches nationwide evident that Filipinos can find a store in almost every street corner. There is a high concentration of convenience stores in Luzon with 1,391 branches, while there are 178 stores in Visayas, and 33 in Mindanao.
READ ALSO: iPhone SE Release in Philippines In May?
The company has expanded its distribution and opened new warehouses last year leading to more sales. The company also allotted P3.5 billion for capital expenditures this year, which will be used to put new stores, finance renovations, and buy new equipment.