Cosco Capital Inc., the retail holding firm of tycoon Lucio L. Co, reported a 10 percent increase in consolidated net income to P10 billion for the first nine months of 2024 from P9.1 billion in the same period last year.
In a disclosure to the Philippine Stock Exchange (PSE), the firm attributed the growth to strong operating performance across all business segments. Consolidated revenues also rose by 9.1 percent to P164 billion from January to September, compared to P150.3 billion in the first three quarters of 2023.
“The Group continued to benefit from the economic recovery amidst prevailing macroeconomic challenges through sustained and stronger revenue growth across all its business segments, indicating recovering consumer demand,” Cosco said.
The group's grocery retailing businesses, Puregold Price Club Inc. and S&R Membership Shopping Club, contributed 69 percent of total net income. Consolidated net sales for this segment rose by 9.1 percent to P151.97 billion, driven by store expansion and same-store sales growth of 3.5 percent for Puregold Stores and 4.1 percent for S&R Warehouse clubs. Net income for the grocery retail group improved by 4.5 percent year-on-year to P6.9 billion.
The Keepers Holdings Inc., Cosco's liquor distribution arm, recorded a 15 percent revenue growth to P11.7 billion. This was fueled by an 18 percent increase in volume of cases sold, particularly for Alfonso brandy. Net income for the liquor segment rose 20 percent to P2.17 billion.
The commercial real estate segment posted a 10 percent growth in rental revenue, amounting to P916 million. Net income grew by 13.3 percent to P761 million.
The energy and minerals segment generated P335 million in revenue and a net income of P165 million.
Cosco's Board of Directors approved an additional budget of P2 billion for its Share Buy-Back Program.