Cosco earnings surge 25% in 2024 to P15.5B

All business units of Cosco Capital showed improvement in 2024 performance.

MANILA, Philippines – Retail holding firm Cosco Capital Inc. benefited from stronger consumer demand in 2024, resulting in a 25-percent surge in its earnings to P15.5 billion as all its businesses improved.

In a stock exchange filing on Monday, the company led by billionaire Lucio Co said its revenues likewise jumped by 10.5 percent to P237 billion.

Grocery retailing under Puregold Price Club Inc. and S&R Membership Shopping Club contributed 68 percent to the group’s bottom line, followed by liquor distribution at 23.5 percent, commercial real estate at 7 percent, energy and minerals at 1 percent and specialty retail at 0.5 percent.

READ: Puregold hits record earnings, declares dividends

According to Cosco, the grocery retail segment grew its net income last year by 21.3 percent to P10.4 billion on stronger sales from both brands.

Liquor distribution under The Keepers Holdings Inc., meanwhile, saw a 21.3-percent surge in profit to P3.54 billion, buoyed by the imported brandy segment.

Earnings of the commercial real estate business also rose by 20.6 percent to P1.13 billion.