Consumer spending lifts Cosco’s P15.5-B profit
Combined, the total dividend payout amounts to P2.79 billion, representing a dividend yield of 7.45 percent
Daily TribuneCombined, the total dividend payout amounts to P2.79 billion, representing a dividend yield of 7.45 percent
Consumer demand and spending continued to power Cosco Capital Inc.’s bottom line in 2024, with the listed retail holding firm of Lucio L. Co posting a 24.85 percent increase in consolidated net income to P15.49 billion, up from P12.41 billion the previous year.
Net income attributable to equity holders of the parent company (PATMI) likewise grew 26.18 percent to P9.31 billion from P7.38 billion in 2023, the company said in a disclosure.
Revenues surged to P236.96 billion, up 10.48 percent or P22.47 billion from P214.48 billion in 2023, reflecting sustained consumer appetite and a broad-based recovery across Cosco’s key business segments.
To return value to shareholders, Cosco’s board declared a 20 percent regular dividend of P0.264 per share, totaling P1.86 billion, for shareholders of record as of 9 May 2025.
It also approved a 10 percent special dividend worth P0.132 per share, or P931 million, to be distributed to shareholders of record as of 4 September 2025.
Combined, the total dividend payout amounts to P2.79 billion, representing a dividend yield of 7.45 percent. The payouts will be sourced from unrestricted retained earnings as of 31 December 2024.
Cosco said its grocery retailing businesses — Puregold Price Club Inc. and S&R Membership Shopping Club — remained its top earners, accounting for 68 percent of total net income. This was followed by liquor distribution at 23.5 percent, commercial real estate at 7 percent, energy and minerals at 1 percent, and specialty retail at 0.5 percent.
The grocery retail segment posted P219.17 billion in revenues, up 10.1 percent from P199 billion in 2023.
Same store sales growth hit 4.5 percent for Puregold and 6.4 percent for S&R, driven by increased traffic and larger basket sizes. The segment’s consolidated net income rose 21.3 percent to P10.4 billion from P8.6 billion, lifted by topline gains and improved gross margins in the S&R business.