Cosco Capital 2022 profit up 17% to P12.3B

MANILA  -Tycoon Lucio Co’s holding company Cosco Capital said profits in 2022 rose nearly 17 percent to P12.3 billion on strong sales from its flagship retail, liquor and real estate businesses during the postpandemic period.

In a stock exchange filing on Tuesday, the company said revenues during the year also rose 13 percent to P197.1 billion.

Cosco owns supermarket operator Puregold Price Club, liquor importer The Keepers Holdings, Office Warehouse and commercial property projects mainly in Metro Manila and other parts of Luzon.

“The company continued to benefit from the economic recovery amidst the prevailing macroeconomic challenges by way of higher revenue growth across all its business segments which indicates the recovering consumer demand,” Cosco said on Tuesday.

“Better bottom line results were due to a combination of the gross margin enhancements through stronger supplier support, sustained strategic cost and expense management leading to a slower growth in expenses versus revenues,” it added.

Puregold contributed 63 percent of core income last year, followed by liquor (25 percent), real estate (11 percent), and specialty retail (1 percent).

Puregold and S&R Membership Shopping Club saw 2022 revenues climb by 12.3 percent to P184.2 billion as same store sales growth expanded by 6.6 percent. Profits at the supermarket group added 13.5 percent to P9.3 billion last year.

The Keepers Holdings Inc. also recorded a consolidated revenue growth of 26.5 percent to almost P14 billion as sales volume reached 5.3 million cases.

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