COSCO Capital Inc., the listed retail holding firm of businessman Lucio Co, reported a 7.6-percent consolidated net income growth to P3.68 billion in the first quarter of 2025 from P3.42 billion a year ago, lifted by the recovery in consumer spending.
Consolidated revenues rose 11.5 percent to P56.7 billion from P50.9 billion in the same period of 2024 due to strong operating performance from major business segments, the company said in a disclosure to the stock exchange Friday.
The group’s grocery retailing businesses, Puregold Price Club, Inc. and S&R Membership Shopping Club, contributed 72 percent of total net income, followed by the liquor distribution with 19 percent, commercial real estate segment with 7 percent, energy and minerals, and specialty retail with 2 percent.
The grocery retail segment’s consolidated revenues grew to P52.4 billion, up 10.8 percent from P47.3 billion in the same period last 2024.
The enterprise experienced positive same store sales growth (SSSG) of +5.9 percent from Puregold Stores driven by higher basket size and +4 percent from S&R Warehouse clubs driven by higher traffic.
The grocery retail group’s consolidated net income for first quarter grew by 6.5 percent year on year to P2.6 billion from P2.5 billion the previous year driven by strong topline growth and complemented by stable gross margins.
This segment’s revenues grew 10.8 percent to P52.4 billion while same store sales improved by 5.9 percent at Puregold and 4 percent.
The liquor distribution business, through The Keepers Holdings Inc., posted revenues of P 4.06 billion, a 20.9 percent increase from last year due to an 18 percent hike in case volume, led by strong sales of Alfonso brandy.
Net income from the liquor segment rose by 14.3 percent to P690 million.
On the other hand, revenues from commercial real estate segment declined 2 percent to P502 million. Net income rose by 5.3 percent to P273 million from P259 million.
Energy and minerals recorded P146 million in revenue and P 58 million in net income in the first quarter.
Specialty retail, through Office Warehouse, Inc., recorded revenues of P541 million, up 2.7 percent while net income rose slightly to P30 million from P29 million.
