Robinsons Retail Holdings Inc., the retail arm of the Gokongwei Group, announced a surge in its 2024 net income, which skyrocketed to P10.3 billion—more than double the P4.1 billion recorded in the previous year. The sharp rise was largely fueled by a one-off gain from the merger of Robinsons Bank with the Bank of the Philippine Islands (BPI), alongside sustained performance across its core retail operations.
Core net income for 2024 climbed 12 percent to P6.33 billion, reflecting higher gross profits and improved operational efficiencies, the company reported. In the fourth quarter alone, Robinsons Retail posted a 62 percent year-on-year increase in net income attributable to equity holders, which reached P2.5 billion. Core earnings for the period grew by 22 percent to P2.3 billion, driven by higher same-store sales growth and improved cost management.
The company’s consolidated net revenue in 2024 stood at P199.2 billion, up 3.7 percent from the previous year, primarily supported by strong performances in the food and drugstore segments, as well as incremental sales from new stores. Same-store sales growth for the period was 1.5 percent, reflecting steady demand despite challenging market conditions.
In the fourth quarter, Robinsons Retail’s net sales hit P56.8 billion, an increase of 5.3 percent, with food and department stores leading the charge. The company’s gross profit expanded by 8.7 percent to P13.8 billion, driven by improved product assortment, greater penetration of imported and private-label brands, and strong vendor support.
Full-year gross profit stood at P48.1 billion, 5.5 percent higher than in 2023, while operating income climbed 9.1 percent to P9.8 billion. Notably, operating income surged 20.9 percent in the fourth quarter to P3.4 billion, as cost optimization measures helped offset expansion-related expenses.
“Our company sustained strong growth in 2024 despite challenging market conditions,” said Stanley Co, president and CEO of Robinsons Retail. “This success underscores the resilience of our core business and our agility in navigating evolving market dynamics. Looking ahead to 2025, we remain focused on finding new avenues for growth while integrating sustainability into our value chain.”
As of December 2024, Robinsons Retail operated 2,453 stores, including 761 food stores, 1,133 drugstores, 50 department stores, 227 DIY stores, and 282 specialty stores. Additionally, the company had 2,115 franchised stores under The Generics Pharmacy (TGP) brand.
