Sefalana profits up 10%

According to its 52-week results released on Tuesday, the majority citizen-owned group posted pretax profits of P443 million, up 10% despite pressures on margins and higher competition and supply chain challenges.

Sefalana, which began operations with six stores and a maize mill in 1974, posted topline revenues of P9.7 billion. However, it came under pressure in its margins, particularly in its wholesale and retail divisions. Directors noted that while shoppers were returning to stores more frequently, they were still cautious in their spending and focusing on value packs, rather than luxuries, which had an effect on gross margins.