Robinsons Retail core earnings up 12.3% in 2024

Robinsons Retail Holdings Inc. (RRHI) saw double-digit growth in its core earnings for 2024, mainly driven by higher gross profit and the company’s operational efficiencies during the period, the company reported Thursday.

In a regulatory filing, RRHI said its core earnings grew by 12.3% to P6.334 billion in 2024 from P5.640 billion the previous year, as net sales climbed by 3.7% to P199.167 billion, while operating income rose by 9.1% to P9.753 billion.

The company grew its net income by 134.5% in 2024, buoyed by the one-time gain from the merger of Robinsons Bank with the Bank of the Philippine Islands (BPI), which took effect on January 1, 2024.

“Our company managed to sustain its growth trajectory in 2024 despite challenging market conditions. Such an achievement is a testament to the resiliency of our core business and our ability to be agile to evolving market dynamics,” RRHI president and chief executive officer Stanley Co said.

“Looking ahead in 2025, we remain steadfast in looking for more ways to grow the business while continuing to integrate our sustainability agenda into our value chain,” he added.

RRHI ended 2024 with 2,453 stores, including 761 food stores, 1,133 drugstores, 50 department stores, 227 DIY stores, and 282 specialty stores. It also had 2,115 franchised stores of The Generics Pharmacy.

The company’s portfolio includes brands such as “Handyman Do it Best,” “True Value,” “Toys ‘R’ Us,” Uncle John’s,” “Daiso,” “Pet Lovers Center,” “No Brand,” “Saver’s Appliances,” “South Star Drug,” “The Generics Pharmacy,” and “Super50.”

Shares in RRHI closed Thursday at P34.60 apiece, up by 30 centavos or 0.87% from Wednesday’s finish of P34.30 per share. —VBL, GMA Integrated News