Strong grocery sales at Puregold and S&R lifted Cosco Capital Inc.’s net income by 12 percent to P11.96 billion in the first nine months of 2026, cushioning weaker earnings from its liquor distribution and energy businesses.
The retail holding company of businessman Lucio Co reported consolidated revenues of P201.57 billion, up 10 percent from P182.88 billion a year earlier, as all major business segments posted revenue growth.
Grocery retailing remained the group’s biggest earnings driver, accounting for 72 percent of consolidated net income, followed by liquor distribution at 19 percent and commercial real estate at 8 percent.
Puregold Price Club Inc. and S&R Membership Shopping Club generated combined revenues of P187.71 billion, an 12-percent increase from P168.08 billion in the same period last year.
The grocery segment’s net income jumped 19 percent to P8.67 billion from P7.3 billion, supported by stronger sales, improved gross margins, and sustained supplier support.
For the first half, same-store sales growth reached 4.5 percent at Puregold, driven by larger shopping baskets, while S&R posted 14.7-percent growth on higher customer traffic.
The liquor distribution business, operated through The Keepers Holdings Inc., recorded flat revenues of P13.38 billion. Net income, however, fell 8 percent to P2.24 billion from P2.43 billion due to higher foreign exchange costs and fuel surcharges. Alfonso brandy remained a key performer, with sales surpassing pre-pandemic levels.
Commercial real estate provided another earnings boost, with rental revenues rising 12.7 percent to P1.75 billion on sustained high occupancy. Net income increased 22.3 percent to P1.1 billion from P903 million.
The newly established energy and minerals segment reported revenues of P228.5 million, down 47 percent, while net income declined 38 percent to P100.5 million.
Specialty retailer Office Warehouse Inc. posted an 8.5-percent revenue increase to P1.75 billion, but net income was nearly flat at P66.1 million, up 0.4 percent.
The results underscore the growing weight of grocery retailing in Cosco Capital’s earnings, with Puregold and S&R providing the bulk of its profit growth.
