Cosco Capital Inc. said its net income in 2024 rose 25 percent to P15.5 billion from P12.4 billion in 2023, and its revenues grew 10.5 percent to P237 billion from P214.5 billion.
The company in a statement on Monday said it continued to benefit “from the economic recovery amidst the prevailing macroeconomic challenges by way of sustained and stronger revenue growth across all business segments which indicates the recovering consumer demand.”
Cosco said its grocery retail business posted a 21.3-percent increase in profit to P10.4 billion in 2024 from P8.6 billion in 2023, but its specialty retailing business recorded a profit drop of 16.8 percent to P65 million from P78 million.
The liquor distribution business reported a 21.3-percent increase in profit to P3.54 billion from P2.92 billion, Cisco said.
The commercial real estate business grew its profit by 20.6 percent to P1.13 billion from P936 million, the company said.
The energy and minerals segment posted profit of P177 million, Cosco added.
The holding company of Lucio Co conducts its grocery retailing businesses under Puregold Price Club Inc. and S&R Membership Shopping Club, while its liquor distribution business is under unit The Keepers Holdings Inc.
Its specialty retailing business is conducted under Office Warehouse Inc.
The real estate business, meanwhile, is held under a number of units: Ellimac Prime Holdings Inc., Fertuna Holdings Corp., NE Pacific Shopping Centers Corp., Nation Realty Inc. and Patagonia Holdings Corp.
Cosco’s fuel terminal operation Pure Petroleum Inc. is in Subic Bay Freeport.
