Cosco Capital, Inc., the publicly listed retail holding company of business tycoon Lucio L. Co, reported a 25% increase in consolidated net income to Php 15.5 billion in 2024, up from Php 12.4 billion in 2023. Consolidated revenues rose by 10.5% to Php 237 billion, driven by strong operating results across key business segments.
In light of its solid performance, Cosco’s Board of Directors approved both a regular and special cash dividend totaling Php 2.79 billion. Shareholders of record as of May 9, 2025, will receive a regular dividend of Php 0.264 per share, equivalent to Php 1.86 billion. Additionally, a special dividend of Php 0.132 per share, or Php 931 million, will be distributed to shareholders of record as of September 4, 2025. The combined dividend represents a 7.45% yield and will be sourced from unrestricted retained earnings as of December 31, 2024.
Cosco continues to benefit from the country’s economic recovery and resilient consumer demand despite prevailing macroeconomic challenges, posting strong revenue and profit growth across all core businesses.
Retail Segment Powers Growth
The company’s grocery retailing arm—comprising Puregold Price Club, Inc. and S&R Membership Shopping Club—was the primary growth engine, accounting for 68% of Cosco’s net income. Segment revenues climbed to Php 219.17 billion, marking a 10.1% increase from Php 199 billion in 2023. Same-store sales growth (SSSG) remained healthy, with Puregold at +4.5% and S&R at +6.4%, driven by higher customer traffic and larger basket sizes.
The grocery group posted a 21.3% increase in net income, reaching Php 10.4 billion, boosted by strong topline performance and improved gross margins at S&R.
Liquor Distribution Surpasses Pre-Pandemic Levels
The Liquor Distribution segment, through The Keepers Holdings, Inc., saw 13.6% growth in revenues to Php 18.5 billion, underpinned by a 14% rise in case volume sold. Its flagship brand, Alfonso, the market’s leading imported brandy, drove this performance by surpassing pre-pandemic levels amid premiumization and a rebound in on-premises consumption.
Net income in this segment rose 21.3% to Php 3.54 billion in 2024.
Real Estate and Other Segments
The Commercial Real Estate segment reported Php 2.05 billion in rental revenues, up 5.2% year-on-year, reflecting improved tenant operations and the return to full contractual rates. Segment net income rose 20.6% to Php 1.13 billion.
The Energy and Minerals unit posted Php 492 million in revenue and generated Php 177 million in net income, contributing a modest share to the group’s overall performance.
Meanwhile, Specialty Retailing, through Office Warehouse, Inc., saw a 3.4% decline in revenues to Php 2.08 billion and a 16.8% drop in net income to Php 65 million, attributed to softer demand in the office supply segment.
