RRHI posts record profit of P5.7 B

Robinsons Retail Holdings, Inc., a member of the Gokongwei Group, reported a 26.7 percent growth in attributable net income to a record P5.7 billion last year from P4.53 billion in 2021.

In the disclosure to the Philippine Stock Exchange, the firm said its 2022 earnings performance eclipsed the pre-pandemic level in 2019 by 41.2 percent.

“Earnings per share (EPS) increased faster, rising by 30.6 percent for the full year to P3.85, supported by our ongoing stock buyback program,” RRHI added.

Meanwhile, full year 2022 core earnings (net income excluding foreign exchange, interest income from bonds, equitized earnings from Robinsons Bank, and others) accelerated by 39.1 percent to P5.3 billion, also a record high.

“The surge in profitability is underpinned by positive contributions from all business segments coming from category mix improvements and operating efficiencies,” said RRHI.

Consolidated net sales reached P178.8 billion in 2022, 16.6 percent better than the P153.33 billion registered in 2021 and higher than pre-pandemic levels. This was driven by Same Store Sales Growth (SSSG) of 11.8 percentas well as new store openings.

“In 2022, our businesses directly benefitted from the economy’s gradual return to normalcy, including back to face-to-face classes in schools, increased travel and tourism, and the first normal holiday season in two years,” noted RRHI.

Changes in category mix and economies of scale enabled RRHI to grow its gross profit faster than sales, rising by 19.8 percent for the full year to P42.2 billion.

Operating income also accelerated relative to the topline, increasing by 43.3 percent in 2022 to P8.7 billion due to better operating leverage and various cost savings.

RRHI President Robina Gokongwei-Pe

“We are pleased with our operating performance in 2022. Building on the momentum last year, our company will continue to take advantage of the economy’s return to normal,” said RRHI President and CEO Robina Gokongwei Pe.

She added that, “We will focus on improving store efficiency and increasing market coverage with more stores in the pipeline for 2023.”