Cosco Capital Inc., the listed retail holding company of businessman Lucio Co, said Tuesday second-quarter consolidated net income grew 21 percent to P3.55 billion from P2.94 billion a year ago.
Cosco said in a disclosure to the stock exchange the strong operating performance from all business segments lifted consolidated revenues by 9.6 percent to P55.55 billion from P50.7 billion in the same period of 2023.
The positive second-quarter performance boosted first-half profit by 15.5 percent to P6.97 billion, compared to P6 billion a year earlier.
First-half consolidated revenues increased 8.4 percent to P106.4 billion from P98.2 billion in the same period of 2023.
“The group continued to benefit from the economic recovery amidst the prevailing macroeconomic challenges by way of sustained and stronger revenue growth across all its business segments which indicates the recovering consumer demand,” Cosco said.
The group’s grocery retailing businesses, Puregold Price Club Inc. and S&R Membership Shopping Club, contributed 71 percent of total net income from January to June this year, followed by the liquor distribution with 20 percent, commercial real estate segment with 7 percent, energy and minerals with 1.5 percent and specialty retail with 0.5 percent.
The grocery retailing segment’s consolidated net sales in the first half rose 8 percent to P98.5 billion, driven by store expansion and higher comparative sales.
Puregold posted a 1.9-percent same-store sales growth, driven by higher traffic.
The company continues to see a buoyant trajectory in topline growth in the second half of 2024.
