Wilcon Depot Holds Annual Stockholders Meeting for FY 2024

​Wilcon Depot, Inc., the country’s leading home improvement and finishing construction supply retailer, held its Annual Stockholders Meeting covering its full year 2024 results.

Mr. William Belo, Wilcon’s founder and Chairman Emeritus, in his message to stockholders, reiterated Wilcon’s strategic focus of providing customers across the country access to the widest array of value and top-of-the-line, all-quality home improvement and finishing construction materials. Wilcon opened its 100th store in December, 2024, one year ahead of schedule. Mr. Belo also credited Wilcon’s 47 year operating experience in the home improvement sector and its culture of innovation and excellence in customer service to consistently be ahead of the curve and still be the preferred home improvement supply provider of our customers no matter the operating environment. The founder, lastly said that management is looking forward to Wilcon turning around its 2024 results this year and going back to its growth path in the succeeding years.

Wilcon’s President, Ms. Lorraine Belo-Cincochan, in her report to the stockholders, highlighted Wilcon’s effort to open ten stores to achieve its target 100 stores one year ahead of schedule. Marketing efforts such as launching a professionals and contractors-focused loyalty program envisioned to reward members with members-only perks and privileges and enhanced localized marketing programs were also reported. She also mentioned that changes in the store organization, systems and processes to continue to improve customer experience while also strengthening check and-balance systems more efficiently. 

Ms. Belo-Cincochan proceeded to present the company’s 2024 financial performance and results, which was already disclosed on March 28, 2025, for approval. She mentioned that the continued softness of the market, to quote, “resulted in a lower year-on-year net sales for the company despite executing well our primary strategic goal. We still delivered respectable results amid all the headwinds with net sales of P34.2 billion and net income of P2.5 billion for a net profit margin rate of 7.3%.” 

During the question-and-answer portion, in reply to a stockholder’s query on Wilcon’s growth prospects, Ms. Belo-Cincochan reiterated the founder’s message that the company is looking forward to going back to its growth path with the improvements we’ve implemented in terms of improving sales and increasing cost efficiency.

During the meeting, the following directors were elected as members of the board, namely: Mr. Ricardo Pascua, Mr. Rolando Narciso, Mr Delfin Warren and Ms. Evelyn Singson as independent directors with Ms. Lorraine Belo-Cincochan, Ms. Careen Belo and Mr. Mark Belo completing the seven-member board.

The stockholders also approved the re-appointment of Reyes Tacandong & Co. as the company’s external auditor.