Cosco Capital Posts 25% Net Income Growth in 2024, Driven by Puregold and S&R Sales

Cosco Capital Inc., the holding company of businessman Lucio Co, reported a 25% rise in net income for 2024, fueled largely by its grocery retail operations under Puregold and S&R.

The company’s earnings reached ₱15.5 billion, up from ₱12.4 billion in 2023, while consolidated revenues rose 10.5% to ₱237 billion. The grocery segment contributed ₱219.7 billion in revenues—a 10.1% jump—with strong same-store sales growth of 4.5% at Puregold and 6.4% at S&R. This segment alone accounted for 68% of the total net income, hitting ₱10.4 billion.

Liquor sales through The Keepers Holdings Inc. also saw solid growth, with revenues increasing by 13.6% to ₱18.5 billion, led by the resurgence of its Alfonso brandy. Net income for this segment climbed 21.3% to ₱3.54 billion.

The real estate arm posted a modest 5.2% rise in rental income to ₱2.05 billion, while net income from this segment grew 20.6% to ₱1.13 billion. Meanwhile, the energy and minerals segment earned ₱492 million in revenues and ₱177 million in profit.

The specialty retail segment, however, saw a slight dip, with revenues down 3.4% to ₱2.08 billion and net income falling 16.8% to ₱65 million.

Cosco’s portfolio includes Puregold Price Club, Office Warehouse, Ellimac Prime Holdings, The Keepers Holdings, and Alcom Petroleum and Minerals Corp.

Shares in Cosco closed at ₱5.50 on Monday, up 3.58% from the previous trading day.