Robinsons Retail Holdings Inc. (RRHI) of the Gokongwei Group said Tuesday its net income attributable to equity holder of the parent company surged 36.2 percent in the second quarter to P1.72 billion from P1.27 billion in the same period last year, driven by higher gross profit and operating efficiencies.
RRHI said in a disclosure to the stock exchange higher dividend income from the Bank of the Philippine Islands (BPI) and lower losses from associates augmented its strong second-quarter earnings.
Second-quarter core net income jumped 15.3 percent as net sales climbed 3.1 percent to P47.83 billion.
Net income attributable to equity holders of the parent company soared by 278.1 percent to P6.8 billion in the first half from P1.8 billion a year ago due to one-time gain from the merger of Robinsons Bank with BPI.
First-half core net earnings grew 12.1 percent to P2.6 billion.
RRHI said food, drugstores and department stores delivered strong revenues in the second quarter of the year.
Blended same-store sales growth (SSSG) in the second quarter rose 0.5 percent despite the persistent inflation, while first-half blended SSSG reached 0.7 percent.
“We continue to generate earnings growth by focusing on controllable factors such as opening stores in strategic locations, enhancing our merchandise mix, and streamlining costs. We are confident that we can sustain the earnings momentum in the latter half of the year as we accelerate store openings, while moderating inflation should be a boon for consumer spending,” said RRHI president and chief executive Robina Gokongwei-Pe.
Operating income continued to accelerate relative to the topline, attributed to improvements in the sales mix, higher vendor support and optimized costs.
Operating income grew 7.3 percent to P2.2 billion in the second quarter and by 5.5 percent to P4.1 billion in the first half.
RRHI had 2,401 stores as of June 30, 2024, consisting of 755 food stores, 1,082 drugstores, 49 department stores, 224 DIY stores and 291 specialty stores.
It also has over 2,100 franchised stores of TGP.
