Forex, fuel surcharges shave P190M off Keepers earnings

The Keepers Holdings Inc., led by businessman Lucio Co, reported an 8% decline in net income to P2.24 billion in the first nine months of 2026, as higher foreign exchange costs and fuel surcharges weighed on its profitability.

The company’s earnings fell from P2.43 billion in the same period last year, representing a decrease of about P190 million. Consolidated revenues, meanwhile, remained flat at P13.38 billion.

Keepers attributed its steady revenue performance mainly to Alfonso, the country’s leading imported brandy brand, which has already surpassed its pre-pandemic levels amid growing demand for premium products.

Despite maintaining its revenue base, the company faced higher foreign currency exchange costs and fuel surcharges during the nine-month period, contributing to the decline in its bottom line.

The group distributes international spirits, wines and specialty beverages in the Philippines, with a portfolio that includes Johnnie Walker, Chivas Regal, Glenfiddich, Suntory, Jinro, Jose Cuervo, Jim Beam, Penfolds and Red Bull.