1 month ago
10
Richmond Mercurio - The Philippine Star
February 9, 2025 | 12:00am
MANILA, Philippines — Robinsons Retail Holdings Inc. (RRHI), the Gokongwei Group’s retail arm, delivered strong profitability in 2024 on the back of higher gross profit and improved operational efficiencies.
RRHI reported core earnings of P6.3 billion last year, 12.3 percent higher than the previous year’s P5.6 billion.
The company’s net income attributable to equity holders of the parent surged to P10.3 billion in 2024 from P4.1 billion in 2023 due to the one-time gain from the merger of Robinsons Bank into the Bank of the Philippine Islands booked in the first quarter.
Higher same store sales growth and better cost dynamics have enabled RRHI to post a 62.4-percent surge in attributable net earnings to P2.5 billion during the fourth quarter.
Revenues for the year reached P199.2 billion, up by 3.7 percent due to the sustained growth of the food and drugstore businesses as well as incremental sales from new stores.
“Our company managed to sustain its growth trajectory in 2024 despite challenging market conditions. Such an achievement is a testament to the resiliency of our core business and our ability to be agile to evolving market dynamics,” RRHI president and CEO Stanley Co said.
RRHI ended the year with 2,453 stores consisting of 761 food stores, 1,133 drugstores, 50 department stores, 227 DIY stores and 282 specialty stores.
It also has 2,115 franchised stores of TGP.
For 2025, Co said that the company remains steadfast in looking for more ways to grow the business while continuing to integrate its sustainability agenda into the value chain.
