Cosco Capital Inc. grew its profit last year by 5 percent to P10.5 billion from 2020’s P10 billion.
The listed retail holding firm of Lucio Co, however, posted a 1.63-percent decline in revenues to P174.4 billion, from P177.3 billion in 2020.
The company said its bottomline is above its 2019, pre-pandemic, results of P9.3 billion.
“The net income performance in 2021 was undeterred by the slight decline in consolidated revenues experienced in 2021 brought about by the continuing impact of the COVID-19 restrictions experienced for the most part of the year by the different business segments of the Group,” the company said.
Cosco said its grocery retailing businesses, Puregold Price Club, Inc. and S&R Membership Shopping Club, contributed 63 percent of total profit, followed by liquor distribution,23 percent while the commercial real estate business contributed 13 percent of total and the group’s specialty retailing business under Office Warehouse Inc. accounted for the rest.
The grocery retail segment posted profit of P8.18 billion, up 1.4 percent, despite a 2.7 percent drop in revenues to P164.1 billion, mainly driven by a decline in customer traffic in its Puregold supermarkets due to continuing impact of the pandemic.
The liquor distribution business, The Keepers Holdings Inc. meanwhile posted income of P1.58 billion, up 34.4 percent, due to strong sales. Revenues hit P11.03 billion, up 35.1 percent as it registered a 31.9 percent growth in volume of cases sold at 4.46 million in 2021.
The commercial real estate business posted profit of P915 million, up 30 percent form P700 million in 2020. Revenues reached P1.69 billion.
