Robinsons Retail Holdings Inc. (RRHI), the retail holding company of the Gokongwei family, said its net income attributable to equity holders of the parent company more than doubled to P10.3 billion in 2024 from a year ago.
The company’s double-digit net income growth was led by the one-time gain from the merger of Robinsons Bank into the Bank of the Philippine Islands which was booked in the first quarter of 2024.
RRHI said minus extraordinary gains, core net income reached P6.3 billion in 2024, up 12.3 percent from 2023, on the back of higher gross profit and improved operational efficiencies.
Full-year consolidated net revenues stood at P199.2 billion, up 3.7 percent on sustained growth of the food and drugstore businesses and sales contribution sales from new stores.
Operating income jumped 9.1 percent to P9.8 billion in 2024.
“Our company managed to sustain its growth trajectory in 2024 despite challenging market conditions. Such an achievement is a testament to the resiliency of our core business and our ability to be agile to evolving market dynamics,” said RRHI president and chief executive Stanley Co.
“Looking ahead in 2025, we remain steadfast in looking for more ways to grow the business, while continuing to integrate our sustainability agenda into our value chain,” Co said.
Blended same-store sales growth in 2024 was at 1.5 percent.
Net income attributable to equity holders of the parent company and core earnings increased 62.4 percent and 21.9 percent year-on-year to P2.5 billion and P2.3 billion, respectively in the fourth quarter due to higher same store sales growth and better cost dynamics.
Net sales in the fourth quarter rose 5.3 percent to P56.8 billion on robust same store sales growth of 3.4 percent.
Operating income grew 20.9 percent in the fourth quarter to P3.4 billion as cost optimization efforts helped offset the pick-up in expansion-related costs.
RRHI had 2,453 stores consisting of 761 food stores, 1,133 drugstores, 50 department stores, 227 DIY stores and 282 specialty stores as of Dec. 31, 2024. It also had 2,115 franchised stores of TGP.
