Consolidation boosts Robinsons Retail profits
The company attributed the 150.6 percent surge in net income to a one-time gain from the merger of Robinsons Bank with the Bank of the Philippine Islands
Daily TribuneThe company attributed the 150.6 percent surge in net income to a one-time gain from the merger of Robinsons Bank with the Bank of the Philippine Islands
Robinsons Retail Holdings Inc. (RRHI) reported a more than two-fold increase in net income attributable to equity holders in 2024, rising to P10.3 billion from P4.1 billion in 2023.
In a stock exchange filing on Thursday, the company attributed the 150.6 percent surge in net income to a one-time gain from the merger of Robinsons Bank into the Bank of the Philippine Islands, which was recognized in the first quarter.
Alongside this, RRHI saw a 12.3 percent rise in core earnings, which reached P6.3 billion, up from P5.6 billion the previous year, driven by stronger gross profit and enhanced operational efficiencies.
Consolidated net revenues for 2024 totaled P199.2 billion, reflecting a 3.7 percent increase from P192.1 billion a year ago, fueled by solid performance in the food and drugstore sectors and incremental sales from newly opened 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,” said Stanley Co, president and CEO of Robinsons Retail Holdings Inc.
“Looking ahead in 2025, we remain steadfast in looking for more ways to grow the business, while continuing to integrate our sustainability agenda into our value chain.”
In addition, RRHI reported a 1.5 percent blended same-store sales growth and a 9.1 percent increase in operating income for the year, which reached P9.8 billion.
Operating income for the fourth quarter surged by 20.9 percent to P3.4 billion, as cost optimization efforts helped mitigate the impact of expansion-related expenses.
Robinsons Retail ended 2024 by operating 2,453 stores, including 761 food stores, 1,133 drugstores, 50 department stores, 227 DIY stores and 282 specialty stores. The company also managed 2,115 franchised stores of TGP.
