Robinsons Retail Holdings Inc. (RRHI) exceeded expectations with a 12.3% increase in core earnings for 2024, driven by robust sales performance and operational efficiencies.
Robinsons Retail Holdings Inc. (RRHI), led by the Gokongwei family, reported robust core earnings of P6.3 billion for 2024, representing a 12.3 percent increase from P5.64 billion in the previous year. This growth was fueled by higher gross profit and improved operational efficiencies. \Stanley Co, RRHI President and CEO, attributed the company's success to its ability to navigate challenging market conditions.
He stated, 'Our company managed to sustain its growth trajectory in 2024 despite challenging market conditions.' This achievement, according to Co, 'is a testament to the resiliency of our core business and our ability to be agile to evolving market dynamics.'\RRHI's net income attributable to equity holders of the parent company surged more than twofold, reaching P10.27 billion from P4.1 billion. This significant increase was primarily driven by a one-time gain realized in the first quarter from the merger of Robinsons Bank with Ayala-led Bank of the Philippine Islands. Consolidated net revenues climbed to P199.2 billion, marking a 3.7 percent rise from P192.12 billion in 2023. This growth was supported by strong sales performance in its food and drugstore businesses, as well as incremental revenue from newly opened stores. Blended same-store sales growth (SSSG) showed a positive trend, expanding by 1.5 percent year-on-year. For the fourth quarter alone, net income attributable to the parent company reached P2.5 billion, while core earnings amounted to P2.3 billion. These figures were positively impacted by higher SSSG and favorable cost dynamics. Gross profit for the quarter expanded by 8.7 percent to P13.82 billion from P12.71 billion, attributed to the increased penetration of imported and private label brands, and continued support from vendors. This led to a full-year gross profit of P48.1 billion, demonstrating a 5.5 percent increase from P45.6 billion in 2023. Operating income also saw a notable rise, jumping by 9.1 percent to P9.75 billion from P8.94 billion. Looking ahead, RRHI plans to explore further avenues for business growth while integrating its sustainability agenda into its value chain. As of December 31, 2024, RRHI operated a total of 2,453 establishments, comprising 761 food outlets, 1,133 drugstores, 50 department stores, 227 DIY stores, and 282 specialty stores. Additionally, it had 2,115 franchised stores of The Generics Pharmacy. Shares of RRHI closed Thursday at P34.60 each, reflecting an increase of 0.87 percent
BUSINESS EARNINGS GROWTH RETAIL PHILIPPINES ROBINSONS RETAIL HOLDINGS
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