Cosco Capital posts 16.8% earnings growth in 2022

Lucio Co’s retail holding firm Cosco Capital Inc. reported a 16.8% growth in its earnings for the past year, as the company reported the recovery of consumer demand during the period.

In a regulatory filing, Cosco Capital said its net income grew to P12.28 billion from P10.5 billion, while consolidated revenues jumped 13% to P197.1 billion from P174.4 billion the previous year.

Retail business Puregold Price Club Inc. and S&R Membership Shopping Club contributed 63% of the firm’s total core net income, with net sales up 12.3% to P184.3 billion.

“Even as inflation spiked, sentiment was lifted by low unemployment, minimum wage hikes, robust OFW remittances, and 100% resumption of face-to-face classes,” the filing read.

“The company still sees continuous growth in its topline in the coming years due to country’s healthy underlying fundamentals, underserved demand, and relatively raw retail landscape,” it added.

The firm’s liquor distribution segment accounted for 25%, the commercial real estate segment for 11%, and specialty retail for 1%.

Cosco’s subsidiaries include Puregold Price Club Inc., Kareila Management Corp., Office Warehouse Inc., Ellimac Prime Holdings Inc., The Keepers Holdings Inc., and Alcorn Petroleum Minerals Corp.

Shares in the company were trading up P0.09 or 2.09% at P4.39 apiece as of 11:59 a.m. on Tuesday. —VAL, GMA Integrated News