Cosco Capital Net Income Hits P15.5 Billion in 2024, Up 25%

Cosco Capital, Inc., the listed retail holding firm of Mr. Lucio L. Co, reported a 25% growth in its consolidated net income amounting to Php 15.5 billion for 2024 versus Php 12.4 billion a year ago. Strong operating performance from major business segments also lifted consolidated revenues by 10.5% to Php 237 billion in 2024 from Php 214.5 billion in the same period of 2023.

The board of Cosco has approved a 20% regular dividend payout, equating to Php 0.264 per share, which amounts to a total of Php 1.86 billion. This regular dividend will be distributed to shareholders of record as of May 9, 2025. In addition to the regular dividend, the Board has also approved a 10% special dividend payout, amounting to Php 0.132 per share, for a total of Php 931 million. This special dividend will be distributed to shareholders of record as of September 4, 2025. Together, the total dividend payout—comprising both the regular and special dividends—will amount to Php 2.79 billion, reflecting a dividend yield of 7.45%. These payouts will be sourced from Cosco’s unrestricted retained earnings as of December 31, 2024.

The Group continued to benefit from the economic recovery amidst the prevailing macroeconomic challenges by way of sustained and stronger revenue growth across all its business segments which indicates the recovering consumer demand.

In 2024, the group's grocery retailing businesses, Puregold Price Club, Inc. and S&R Membership Shopping Club, contributed 68% of total net income, followed by the Liquor Distribution with 23.5%, Commercial Real Estate segment with 7%, Energy & Minerals with 1% and Specialty Retail with 0.5%.

The grocery retail segment grew consolidated revenues to Php 219.17 billion for 2024, up 10.1% growth from Php 199 billion in 2023. For the full year 2024, the enterprise experienced positive same store sales growth (SSSG) of +4.5% from Puregold Stores and +6.4% from S&R Warehouse clubs driven by higher traffic and basket size.

The grocery retail group’s consolidated net income for 2024 grew by 21.3% year on year to Php 10.4 billion from Php 8.6 billion in 2023 driven by strong topline growth and complemented by the improvement in gross margins for the S&R business.

The Liquor Distribution business thru The Keepers Holdings Inc. has recorded consolidated revenue amounting to Php 18.5 billion, a 13.6% growth versus previous year on the back of a 14% growth in volume of cases sold for the period. This was driven principally by Alfonso, the leading imported brandy in the market, which has already surpassed its pre-pandemic levels, premiumizing market and on-premise channel rebound. Net income for the liquor segment saw an increase of 21.3% to PHP 3.54 billion in 2024 resulting from the strong sales performance from the imported brandy segment.

The Commercial Real Estate segment posted a 5.2% growth in rental revenue amounting to PHP 2.05 billion in 2024 as business operations of its tenants portfolio has improved due to increased level of economic activities as well as full resumption of rental rates based on contracts. The real estate segment saw its net income grew by 20.6% to PHP 1.13 billion in 2024 versus Php 933 million in the same period 2023.

The Energy and minerals segment posted revenues of Php 492 million in 2024 while it generated net income of Php 177 million for the same period.

For the Specialty Retailing business segment, Office Warehouse, Inc.’s revenues declined by 3.4% at PHP 2.08 billion in 2024 versus PHP 2.15 billion a year ago. Net income declined by 16.8% to Php 65 million in 2024 versus Php 78 million same period last year.