Cosco Capital 2024 net income up 25%

Businessman Lucio Co’s listed holding firm Cosco Capital Inc. on Monday reported a 25% growth in its bottom line for 2024, mainly driven by its grocery retail businesses Puregold Price Club Inc. and S&P Membership Shopping Club which accounted for bulk of the net income for the year.

In a regulatory filing, Cosco said its net income grew to P15.5 billion in 2024 from P12.4 billion the previous year, as consolidated revenues climbed 10.



5% to P237 billion from P214.5 billion. The grocery retail segment grew consolidated revenues by 10.

1% to P219.7 billion, with same store sales growth of 4.5% from Puregold Stores and 6.

4% from S&R Warehouse clubs. Consolidated net income of the segment increased 21.3% to P10.

4 billion, accounting for 68% of total net income. Cosco’s liquor distribution business through The Keepers Holdings Inc. saw a 13.

6% growth in consolidated revenue to P18.5 billion, on the back of the growth of its leading brandy Alfonso which has surged past pre-pandemic levels. Net income for the segment increased 21.

3% to P3.54 billion. The commercial real estate segment reported a 5.

2% increase in rental revenue to P2.05 billion, bringing the net income up 20.6% to P1.

13 billion. The energy and minerals segment saw P492 million in revenues and P177 million in net income, while the specialty retailing business segment posted a 3.4% decline in revenues to P2.

08 billion to bring the net income down by 16.8% to P65 million. Cosco’s subsidiaries include Puregold Price Club Inc.

, Office Warehouse Inc., Ellimac Prime Holdings, The Keepers Holdings Inc., and Alcom Petroleum and Minerals Corp.

Shares in Cosco were last traded at P5.50 per share, up by 19 centavos or 3.58% from last Friday’s finish of P5.

31 apiece. —AOL, GMA Integrated News.