The listed retail group of the billionaire Gokongwei family saw profits climb last year as it rode the postpandemic revenge spending wave.
In a stock exchange filing on Thursday, Robinsons Retail said net income went up 26.7 recent to P5.74 billion as net sales expanded by 16.6 percent to P178.82 billion.
Robinsons Retail is the operator of Robinsons Supermarket, Ministop and Rose Pharmacy said the bottomline also benefited from cost-cutting measures
“In 2022, our businesses directly benefitted from the economy’s gradual return to normalcy, including back to face-to-face classes in schools, increased travel and tourism, and the first normal holiday season in two years,” the company said.
“The surge in profitability is underpinned by positive contributions from all business segments coming from category mix improvements and operating efficiencies,” it added.
Robinsons Retail, which also operates speciality stores such as home improvement retailer True Value and Korean grocery store No brand, said profits grew faster than sales amid “changes in category mix and economies of scale.”
Cost savings pushed up operating income by 43.3 percent to P8.7 billion while core earnings increased 39.1 percent to a record P5.3 billion.
The company’s core earnings exclude contributions from its stake in Robinsons Bank, which is being merged with the Ayala Group’s Bank of the Philippine Islands.
“We are pleased with our operating performance in 2022. Building on the momentum last year, our company will continue to take advantage of the economy’s return to normal. We will focus on improving store efficiency and increasing market coverage with more stores in the pipeline for 2023,” Robina Gokongwei Pe, president and CEO of Robinsons Retail, said in the filing on Thursday.