Cosco Capital, Inc., the listed retail holding firm of tycoon Lucio L. Co, posted a 19.7 percent growth in consolidated net income to P8.7 billion in the first nine months of 2022 from P7.27 billion in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said its nine-month consolidated revenues amounted to P136 billion, up 11.5 percent versus P122 billion in the same period of 2021.

Cosco reported a 36 percent growth in its third quarter 2022 net income to P3.1 billion from P2.28 billion a year ago. Third quarter revenues rose by 17.3 percent to P48.59 billion from P41.43 billion a year ago.

The company said it continued to benefit on the back of higher revenue growth across all its business segments.

Better bottom-line results were due to a combination of the gross margin enhancements thru stronger supplier support, sustained strategic cost and expense management lead to a slower growth in expenses versus revenues.

For the first nine months of 2022, the group's grocery retailing businesses, Puregold Price Club, Inc. and S&R Membership Shopping Club, contributed 63 percent of total core net income, followed by the Liquor Distribution with 24 percent, Commercial Real Estate segment with 12 percent and Specialty Retail at 1 percent.

The grocery retail segment experienced an increase in its consolidated revenues by 10.7 percent to P127.56 billion.

Sales had an uplift as mobility has continued to increase starting in the second quarter. Total traffic to stores increased by 12 percent versus the same period last year.

With increased shopper confidence, the enterprise experienced positive same store sales growth (SSSG) of 2.4 percent for Puregold Stores and 9.5 percent for S&R Warehouse Clubs.

The grocery retail segment also managed a 12.9 percent growth in net income to P6.47 billion compared to the same period in 2021.

The liquor distribution business thru The Keepers Holdings Inc. recorded a consolidated revenue amounting to P8.95 billion, a 34.9 percent growth as net income jumped 49.7percent to P1.6 billion.

The Commercial Real Estate segment posted a 5 percent growth in rental revenue amounting to P1.3 billion in the first nine months of 2022 as net income improved by 7.2percent to P623 million.

For the Specialty Retailing business segment, Office Warehouse, Inc., revenues grew by 11.6 percent to P1.31 billion as it continued to recover from the effects of lockdowns during the first quarter of 2022.

Net income improved by 16.2 percent to P54 million in first nine months 2022 from P46 million during the same period 2021.