Cosco Capital Inc., the retail holding company of billionaire Lucio Co, said Monday it posted a consolidated net income of P15.5 billion in 2024, up 25 percent from P12.4 billion in 2023, driven by the strong performance of its core business segments.
Revenues rose 10.5 percent to P237 billion in 2024, up from P214.5 billion the year before, the company said in a disclosure to the stock exchange.
The company said all major business units contributed to the improved results, reflecting stronger consumer demand and continued economic recovery.
The grocery retail segment remained the largest contributor to the group’s earnings, accounting for 68 percent of total net income.
This segment, which includes Puregold and S&R, saw revenues grow 10.1 percent to P219.17 billion.
Net income from grocery operations reached P10.4 billion in 2024, up 21.3 percent from P8.6 billion in 2023 on the back of higher store traffic, larger basket sizes and improved margins at S&R.
The liquor distribution business, through The Keepers Holdings, recorded revenues of P18.5 billion, up by 13.6 percent year-on-year, helped by a 14-percent increase in volume sold. Net income from this segment grew 21.3 percent to P3.54 billion, mainly due to strong sales of imported brandy led by Alfonso.
Cosco’s commercial real estate unit posted a 5.2-percent increase in rental revenues to P2.05 billion, while net income rose 20.6 percent to P 1.13 billion, as tenants resumed full operations and rent returned to pre-pandemic levels.
The energy and minerals segment generated P177 million in net income, while the specialty retail unit, Office Warehouse, saw net income decline to P65 million.
Cosco said it continued to benefit from the broader economic recovery and expects steady demand across its businesses.
Meanwhile, the board of Cosco approved a 20-percent regular dividend payout, equivalent to 0.264 per share, which amounts to a total of P1.86 billion.
The regular dividend will be distributed to shareholders of record as of May 9, 2025. In addition to the regular dividend, the board also approved a 10-percent special dividend payout, amounting to P0.132 per share, for a total of P931 million.
This special dividend will be distributed to shareholders of record as of Sept. 4, 2025.
The total dividend payout will amount to P2.79 billion, reflecting a dividend yield of 7.45 percent.