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Manila Bulletin devider Business devider Cosco partners with Siam Group for home depot business

Cosco partners with Siam Group for home depot business

Published Jun 20, 2022 03:17 pm

Cosco Capital, Inc., the retail holding firm of businessman Lucio Co, is venturing into the construction and home depot business through a P500 million partnership with Siam Global House Public Company Limited of Thailand.

In a disclosure to the Philippine Stock Exchange, Cosco said it has signed a Joint Venture Agreement with Siam Global House Public to operate a one-stop warehouse for building and construction-related materials, home and garden decorative goods, home improvement goods, construction equipment, and tools.

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Siam Global House Public Company Limited is based in Thailand, with 76 stores selling building materials and home decorative products.

Cosco did not disclose the value of its investment noting that, “The consideration or contribution of Cosco Capital in the joint venture agreement is less than 10 percent of the Company’s total book value.” The firm said the new joint venture company will be setup as 55 percent for Siam Global House Public Company Limited and 45 percent by Cosco Capital Inc. The initial capital for the new company would amount to P500 million.

The joint venture is looking to finalize, construct and open 3 to 5 stores in the next 12 to 18 months in the National Capital Region, CALABARZON and Region 3.

Cosco Capital reported a 10.9 percent improvement in growth consolidated net income to P2.7 billion for the first quarter of 2022 from P2.44 billion in the same period last year.

The firm said its consolidated revenues amounted to P40.68 billion in the first quarter of 2022, up 2.8 percent from P39.57 billion in the same period of 2021.

Cosco said its bottom line continued to benefit from a combination of gross margin enhancements thru stronger suppliers support, sustained strategic cost and expense management as well as the income tax savings from the implementation of the CREATE Law.

For the first quarter of 2022, the group's grocery retailing businesses, Puregold Price Club, Inc. and S&R Membership Shopping Club, contributed 68 percent of total core net income, followed by the Liquor Distribution with 17 percent, Commercial Real Estate segment with 14 percent, while Office Warehouse, Inc. accounted for 1 percent.

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