Cosco Capital Inc., the retail holdings company of businessman Lucio Co., saw a 17 percent year-on-year growth in 2022 net income to P12.28 billion, driven by double-digit growth in revenue fueled mainly by grocery operations.
Revenue rose 13 percent on year to P197.14 billion, with 94 percent coming from grocery retailing. Earnings from grocery operations, which climbed 12 percent to P184.3 billion, got a boost from the opening of 22 Puregold stores, and 5 S&R quick service restaurants. In all, grocery retailing ended 2022 with 452 Puregold branches, 51 S&R QSR, and 22 S&R warehouse clubs, with five due to open this year.
Cosco Capital also has interest in liquor distribution, office supplies retail, and real estate leasing.
Income from operations increased 14% on year to P17.54 billion.
