Millionaire businessmen are making huge profits through the cost of living crisis

Two millionaire businessmen made a whopping $1 billion in profits through their discount stores in the midst of a nationwide cost-of-living crisis.

In 2021, My Chemist Group owners Jack Gens and Mario Verocchi ranked 60th and 63rd on the country’s richest list, earning $1.82 billion and $1.79 billion, respectively.

This year, their fast-growing Chemist Warehouse chain, which has built a reputation for offering beauty, health and other products at discount prices, has seen an increase in annual revenue, which has almost doubled in the past 12 months.

Despite the pandemic and the ongoing cost of living crisis, the chemical giant, owned by Mario Verocchi and family, as well as Jack and Sam Gans and family, managed to generate a gross profit of more than $1.07 billion in the last fiscal year with with a total income of more than $3.07. billion

By comparison, their revenue for fiscal 2021 was much lower at just under $670 million, with total revenue of $2.42 billion.

Splitting $155 million in dividends between the Verocky and Hans families, the retail giant now has more than 17,000 employees in 500 stores across Australia.

This year also saw the opening of new stores in New Zealand, China and Ireland.

But not only the success of pharmacies contributes to the financial position of the company’s executive director.

Chemist Warehouse Group chief Mario Verocchi hit the headlines in May after he sold a 45-hectare “farm” jointly owned by members of the Verocchi family for more than $60 million.

The site on Ballan Rd, Manor Lakes in Melbourne’s west, has reportedly been sold by several members of the Verrocchi family to developer Central Equity.

The land began to be sold as part of an estate called Parkrbook.

In addition to this great financial gain, the Veroks acquired Heaven on Earth in late 2020.

In addition to his property portfolio, which includes Morning Star’s “Downton Abbey in Australia” estate, Mr Verrocco paid far more than the average home buyer for his new home.

The magnificent property was purchased in September 2020 for a whopping $40 million.

The estate, which includes a 12-hectare vineyard and a helipad, as well as an 1860s Victorian mansion, was placed under Mr Verocchi’s caveat.

Estate agent Michael Keating told the Herald Sun in 2020 that “the buyer was planning to purchase the property for his family”.

“There is nothing like it in Australia. You have 157 acres (63 ha) of beachfront, less than an hour’s drive from the soon-to-be largest capital city in Australia. It’s a no-brainer,” Mr Keating said.

If the dazzling property looks familiar, that’s because the Veroquis purchased a similarly gorgeous residence in 2015.

Purchased from the Smorgon family heirs, Norman and Tanya Smorgon, Fiona Verocca, Mr. Verocca’s wife, reportedly paid $19.25 million.

But Mr. Verrocca’s business partner is no less successful, along with his wife, Evelyn Gans.

Mr Gans qualified as a pharmacist in 1967 before purchasing his first pharmacy, but saw an opportunity with Mr Verocchi to introduce a more retail-oriented pharmacy to Australians.

He also has a very impressive real estate portfolio, spending at least $30 on not one, but two Turak properties in 2019.

Mr Gans has also been granted permission to knock one down, and doing so would create a massive 4,260 square meter block in Melbourne’s most expensive suburb.

The 1925 residence has six bedrooms, a marble foyer, a library, a heated pool, a tennis court and more.