RRHI tops P10B earnings

MANILA, Philippines — Robinsons Retail Holdings Inc. (RRHI) more than doubled its net income to P10.27 billion last year because of better sales and onetime gain from a merger transaction.

In a disclosure on Thursday, the retail giant reported that its core earnings had jumped by 12 percent to P6.33 billion last year.

The bottom line was lifted by net sales rising by 3.7 percent to P199.17 billion, thanks to the sustained growth of food and drugstore businesses.

READ: RRHI bets on rising consumer affluence

A P7.9-billion one-off gain was also booked from the merger of Robinson Bank with Ayala-led Bank of the Philippine Islands last year.

“Our company managed to sustain its growth trajectory in 2024 despite challenging market conditions,” RRHI president and CEO Stanley Co said.

“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,” he added.

Meanwhile, the real estate investment trust (REIT) arm of Gokongwei-led Robinsons Land Corp. grew its net income last year by 38 percent to P6.13 billion, allowing it to declare a total of P5.71 billion in cash dividends.

RL Commercial REIT Inc. (RCR) said its net income was supported by the recent infusion of 13 assets, along with occupancy rates keeping steady at 96 percent.

The REIT company approved the declaration of cash dividend amounting to P0.1010 per outstanding common share for the fourth quarter of 2024. It will be payable on February 28.

In total, RCR declared cash dividends of P0.4261 per share last year, which included a special cash dividend of P0.0260.

“The infusion of the 13 assets augmented to the consistent declaration of increasing dividends quarter on quarter and reinforces our dedication and commitment in growing the company,” RCR president and CEO Jericho Go said. —Tyrone Jasper C. Piad