Cosco Capital Inc., the retail holding firm of tycoon Lucio L. Co, reported a consolidated net income of P3.67 billion for the first quarter, a 7.6 percent increase from ₱3.42 billion in the same period last year.
The income growth was driven by robust performance across all business segments, reflecting the continued recovery in consumer demand amid prevailing macroeconomic challenges.
The group’s consolidated revenues rose by nearly 12 percent to P56.7 billion from ₱50.9 billion last year. The grocery retailing businesses, Puregold Price Club, Inc. and S&R Membership Shopping Club, contributed 72 percent of the total net income, followed by the liquor distribution segment with 19 percent, and the commercial real estate segment with 7 percent. The energy and minerals, and specialty retail segments each contributed 2 percent.
In the grocery retail segment, revenue increased by 11 percent to P52.4 billion, driven by positive same-store sales growth (SSSG) of 5.9 percent from Puregold stores and 4 percent from S&R warehouse clubs. The liquor distribution segment, operated through The Keepers Holdings Inc., recorded a 21 percent growth in revenue to P4.06 billion, fueled by an 18 percent increase in volume of cases sold, particularly for Alfonso brandy.
The commercial real estate segment posted a 2 percent decline in rental revenue to P502 million but achieved a 5.3 percent increase in net income to P273 million. The energy and minerals segment generated revenue of P146 million and net income of P58 million. The specialty retail segment, Office Warehouse, Inc., saw revenue rise by 2.7 percent to P541 million, with net income increasing by 2.6 percent to P30 million.
Cosco Capital’s diversified portfolio and strategic investments continue to drive its growth trajectory, positioning the company for sustained profitability in the coming quarters.
