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Manila Bulletin devider Business devider The Stock Market devider Cosco Capital's income up 15.5% at P7 billion

Cosco Capital's income up 15.5% at P7 billion

Published Aug 13, 2024 01:01 am

Cosco Capital Inc., the retail holding firm of billionaire Lucio L. Co, registered a 15.5 percent growth in its consolidated net income amounting to P6.97 billion in the first half of 2024 from P6 billion in the same period last year. 

In a disclosure to the Philippine Stock Exchange (PSE), the firm said consolidated revenues increased by 8.4 percent to P106.4 billion from P98.2 billion in the same period of 2023.

The group said it continued to benefit from the economic recovery amidst the prevailing macroeconomic challenges by way of sustained and stronger revenue growth across all its business segments which indicates the recovering consumer demand.

In the first half of 2024, the group's grocery retailing businesses, Puregold Price Club Inc. and S&R Membership Shopping Club, contributed 71 percent of total net income.

This was followed by the Liquor Distribution with 20 percent; Commercial Real Estate segment with seven percent; Energy and Minerals with 1.5 percent; and Specialty Retail with 0.5 percent.

The grocery retailing segment’s consolidated net sales for the first half of 2024 rose by eight percent to P98.5 billion driven by store expansion and higher comparative sales. 

During the period, the enterprise experienced positive same store sales growth (SSSG) of 1.9 percent from Puregold Stores driven by higher traffic and 2.4 percent from S&R Warehouse clubs driven from higher ticket size. 

The company said it continues to see a buoyant trajectory in topline growth for the second half of 2024. 

Topline growth was complimented by the slight improvement in gross margins for both Puregold and S&R business.

The grocery retail group’s net income for the period improved by 12.5 percent year on year to P4.95 billion from P4.4 billion. 

The Liquor Distribution business thru The Keepers Holdings Inc. has recorded consolidated revenue amounting to P7.7 billion, a 19 percent growth versus previous year on the back of a 22 percent growth in volume of cases sold for the period. 

This was driven principally by Alfonso, the leading imported brandy in the market, which has already surpassed its prepandemic levels, premiumizing market and on-premise channel rebound. 

Net income for the liquor segment saw an increase of 23 percent to P1.43 billion in the first half of 2024 resulting from the strong sales performance from imported brandy, spirits, wines, and specialty beverages.

The Commercial Real Estate segment posted a 9.4 percent growth in rental revenue amounting to P613 million in the first half of 2024 as business operations of its tenants portfolio has improved due to increased level of economic activities as well as full resumption of rental rates based on contracts. 

The real estate segment saw its net income improve by five percent to P486 million in the first half of 2024 versus P463 million in the same period of 2023.

The energy and minerals segment posted revenues of P172 million for the first half of 2024 while it generated net income of P98 million for the same period.

For the Specialty Retailing business segment, Office Warehouse Inc.’s revenues declined by 4.3 percent to P994 million versus P1.04 billion a year ago. Net income improved by 10.5 percent to P39 million in from P35.3 million in the same period last year.

Related Tags

The Keepers Holdings Inc. Cosco Capital Inc. Lucio L. Co
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