My Chemist Group Owners Profit Skyrockets Despite Cost of Living Crisis

Must Read

Even with the nation facing the cost of living crisis, two billionaires earned a massive $1 billion profit through their retail discount stores offering cosmetics, health and other goods.

Business partners and co-owners of the My Chemist Group, Jack Gance and Mario Verrochi, saw an increase in the company’s profit, adding to their immense wealth. In 2021, both gentlemen were on the country’s Rich List, with Gance’s wealth estimated at $1.82 billion and Verrochi’s at $1.79 billion.

This year, the group saw an increase in yearly revenue which almost doubled in the past 12 months. “Despite the pandemic and current cost of living crisis, the chemist giant, owned by Mario Verrocchio and family, and Jack and Sam Gance and family, managed to bring in a gross profit of over $1.07bn last financial year with a total revenue of over $3.07bn,” notes Isabel McMillan, a reporter for News Corp Australia.

My Chemist Warehouse is the country’s largest pharmacy retailer, with hundreds of outlets across Australia and a substantial online presence. The company has a 50% market share thanks to its business model of offering cheaper products than other pharmacies.

According to Captain FI, a blogger and self-taught investor, “Chemist Warehouse can offer lower prices because of the number of stores they own. They can get significant discounts from their suppliers, which they pass on to their customers.”

“With the company’s success, Gance and Verrochi were reported to share $155 million in dividends from the 2021-2022 financial year. Then just in September, they declared another dividend of $132 million,” states Henry Jom, a reporter for the Epoch Times.

Jom also reports that the company’s directors are contemplating a business model change. This change may bring about an ASX float, propelling the company’s value to more than $5 billion. But the move was not approved by the Pharmacy Council of NSW.

- Advertisement -spot_img
Latest News
- Advertisement -spot_img

More Articles Like This

- Advertisement -spot_img