COSCO Capital Inc. said profit in the first half of the year grew 7.8 percent to P6 billion from P 5.6 billion last year.
Revenues went up 12.3 percent to P98.2 billion from P87.4 billion, driven by strong growth from all business segments.
“The group 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,” the company said in a statement.
“In the first half of 2023, the group’s grocery retailing businesses, Puregold Price Club, Inc. and S&R Membership Shopping Club, contributed 73 percent of total net income, followed by the liquor distribution with 19 percent and commercial real estate segment with 8 percent,” it added.
The grocery retailing business posted sales of P91 billion, up 11 percent, driven by higher comparative sales with, group-wide same-stores sales up 7 percent.
“Broken down by banners, the enterprise experienced positive same store sales growth (SSSG) of 5.9 percent from Puregold Stores and 9.5 percent from S&R Warehouse Clubs. SSSG tended towards more normalization starting in the second quarter as a contrast to the more flattering base effects felt in the first quarter of this year,” Cosco said.
The liquor distribution business meanwhile posted revenues of P6.5 billion, up 19 percent on the back of a 10 percent growth in volume of cases sold for the period driven principally by Alfonso brandy.
The commercial real estate posted a 9.8 percent growth in rental revenue to P952 million as business operations of its tenants portfolio improved due to easing mobility restrictions and increased level of economic activities as well as full resumption of rental rates based on contracts, Cosco said.
“For the specialty retailing business, Office Warehouse Inc.’s revenues grew by 32 percent at P1.04 billion as it continued to see a strong recovery from its business operations,” Cosco also said.
