Monday, December 11, 2023

Utility Store Sales Increases 85% in January 2021

After the announcement of the Prime Minister’s package for the Utility Store Corporation, collective Utility store sales increased 85 percent in January 2021, compared to the same period last year.

Moreover, Sales at utility stores increased by 4% per month.

The utility store sales in January 2021 were Rs. 8.97 billion. Whereas in January 2020, sales at utility stores were recorded at Rs. 4.86 billion.

The number of January sales is also higher than the sales of utility stores recorded in December 2020, at Rs 8.65 billion.

Ghee and cooking oil were among the highest selling items in the store, at Rs. 2.72 billion in sales, while sugar sales were recorded at Rs. 1.35 billion.

Flour sales were at Rs. 874 million, while the total volume of goods for sale at the utility store is Rs. 3.68 billion.

Moreover, Utility Store Corporation (USC) already has assets worth Rs. 9.54 billion for sale in stores across the country.

The PM relief package for USC has been in effect since January 8, 2020 therefore, Utility Stores Sales Increase 85%.

Furthermore, Food items subsidized in the package include wheat flour, rice, sugar, legumes, and ghee.

According to a statement by the USC, the turnover recorded for the calendar year 2020 was around Rs. 100 billion whereas compared to just Rs. 10 billion in revenue in the calendar year 2019.

Umer Lodi, CEO of USC Reviews:

On reaching that figure, Then Umer Lodi, CEO of USC said that USC is now almost without a long and independent business.

He also said that USC now intends to undertake a highly progressive restructuring with a consolidated vision to provide a customer-centric approach and should acquire another milestone with revenues of Rs. 150 billion in the fiscal year 2021 (that is, until June 2022).

USC contributed Rs. 8.564 billion in the national treasury during the 2019-20 fiscal year, compared to INR 1.476 billion in taxes for the 2018-19 fiscal year.

USC serves 45.77 million homes through a network of 4,881 rural and urban Stores throughout the year.

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