Cosco Capital Inc., the listed retail holding firm of businessman Lucio L. Co, posted stronger earnings in the first quarter of 2026 as improving consumer demand and broad-based growth across its portfolio lifted both revenues and profitability.
The company reported a 22 percent increase in consolidated net income to P4.47 billion from P3.68 billion a year earlier, while consolidated revenues rose 11 percent to P63.1 billion from P56.7 billion, reflecting steady recovery in household spending despite ongoing macroeconomic pressures.
Cosco said performance was supported by stronger contributions from its core businesses, particularly grocery retail, which continued to anchor group earnings.
The grocery segment, led by Puregold Price Club Inc. and S&R Membership Shopping Club, accounted for 72 percent of total net income. Revenues from the segment climbed 12.1 percent to P58.78 billion, driven by a 5.4 percent same-store sales growth at Puregold and 12 percent growth at S&R, supported by higher basket sizes and increased store traffic. Net income for the segment surged 23.7 percent to P3.26 billion.
Liquor distribution through The Keepers Holdings Inc. contributed 18 percent of earnings, with revenue rising 6.1 percent to P4.3 billion on higher volumes of imported spirits, led by Alfonso brandy, which has surpassed pre-pandemic levels. Net income for the segment increased 17.6 percent to P811 million.
Commercial real estate delivered steady gains, with rental revenue up 22.1 percent to P612 million and net income rising 28.1 percent to P350 million, supported by higher tenant activity and normalized lease rates.
The energy and minerals segment posted weaker results, with revenue declining 34 percent to P97 million and net income falling 13 percent to P50 million.
Specialty retail arm Office Warehouse Inc. reported modest growth, with revenue up 4.3 percent to P565 million and net income rising 2.2 percent to P30.5 million.
Cosco’s results highlight the resilience of consumer-led businesses as the Philippine economy continues to recover unevenly, with retail and branded consumption offsetting softness in cyclical segments.
