ROBINSONS Retail Holdings, Inc. (RRHI) more than doubled its attributable net income for 2024 to P10.3 billion, from P4.1 billion in 2023, driven by higher sales and a one-time gain from a bank merger.
Full-year 2024 net sales increased by 3.7% to P199.17 billion, up from P192.13 billion the previous year, primarily due to the sustained growth of the food and drugstore businesses, RRHI said in a regulatory filing on Thursday.
Blended same-store sales growth for the period reached 1.5%.
RRHI noted that its full-year attributable net income included a one-time gain from the merger between Robinsons Bank Corp. and Bank of the Philippine Islands (BPI), which took effect on January 1 of last year, with BPI as the surviving entity.
For the fourth quarter, RRHI’s attributable net income grew by 62.4% to P2.46 billion, driven by same-store sales growth and improved cost dynamics. Net sales increased by 5.3% to P56.76 billion.
Same-store sales growth for the quarter reached 3.4%, with the food and department store segments being the main drivers.
“Our company managed to sustain its growth trajectory in 2024 despite challenging market conditions. This achievement is a testament to the resiliency of our core business and our ability to remain agile in response to evolving market dynamics,” said RRHI President and Chief Executive Officer Stanley C. Co.
“Looking ahead to 2025, we remain steadfast in exploring new ways to grow the business while continuing to integrate our sustainability agenda into our value chain,” he added.
As of the end of 2024, RRHI operated 2,453 stores, comprising 761 food stores, 1,133 drugstores, 50 department stores, 227 DIY stores, and 282 specialty stores. Additionally, it had 2,115 franchised stores of The Generics Pharmacy.
RRHI shares rose by 0.87%, or 30 centavos, to P34.60 apiece on Thursday. — Revin Mikhael D. Ochave
