Metro Retail Stores Group Inc. (MRSGI) saw its bottom line exceed pre-pandemic levels in 2022, driven mainly by the resumption of economic activity as the government eased COVID-19 restrictions put in place the year before.
In a regulatory filing, MRSGI reported a net income of P917.3 million, reflecting a turnaround of P318.1-million loss in 2021. It is also 18.3% higher than the P775.6-million net income in 2019.
“Amid the price pressures and supply chain challenges, the full reopening of businesses and improvement in labor market conditions primarily drove the growth in consumer confidence since the pandemic,” MRSGI said. “MRSGI was able to display its resilience—registering consistent encouraging performance across all quarters and ultimately closing the year with positive results,” MRSGI president and chief operating officer Manuel Alberto said.
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