Cosco Capital, Inc., the retail conglomerate under the leadership of Lucio L. Co, announced a strong 7.6% year-on-year increase in its consolidated net income, reaching Php 3.68 billion in the first quarter of 2025. This compares favorably to the PHP 3.42 billion reported in the same period of 2024. The positive results were underpinned by robust operating performance across its key business segments, which also propelled consolidated revenues up by 11.5% to Php 56.7 billion in Q1 2025, a significant rise from Php 50.9 billion in the corresponding period last year.
The Group’s sustained growth reflects its ability to capitalize on the ongoing economic recovery despite prevailing macroeconomic headwinds. This is evidenced by the strong revenue expansion across all business units, signaling a resurgence in consumer demand.
Breaking down the first-quarter performance, the grocery retailing arms, Puregold Price Club, Inc., and S&R Membership Shopping Club, were the primary income drivers, contributing 72% to the total net income. The Liquor Distribution segment followed with 19%, while Commercial Real Estate accounted for 7%. The Energy & Minerals and Specialty Retail segments contributed the remaining 2%.
The grocery retail segment demonstrated significant momentum, with consolidated revenues growing by 10.8% to Php 52.4 billion in Q1 2025, up from Php 47.3 billion in the first quarter of 2024. Both Puregold and S&R exhibited positive same-store sales growth (SSSG), with Puregold stores achieving +5.9% SSSG driven by larger customer baskets, and S&R warehouse clubs registering +4% SSSG due to increased foot traffic. The consolidated net income for the grocery retail group rose by 6.5% year-on-year to Php 2.6 billion in Q1 2025, compared to Php 2.5 billion in the same period last year. This improvement was fueled by strong top-line growth, complemented by stable gross profit margins.
The Liquor Distribution business, operating through The Keepers Holdings Inc., reported consolidated revenues of Php 4.06 billion, marking a substantial 20.9% increase compared to the previous year. This growth was supported by an 18% rise in the volume of cases sold during the quarter. Notably, this performance was primarily driven by Alfonso, the market-leading imported brandy, which has not only surpassed pre-pandemic sales levels but also benefited from market premiumization and the rebound of the on-premise channel. Consequently, the liquor segment’s net income saw a 14.3% surge to Php 690 million in Q1 2025, directly resulting from the strong sales of imported brandy.
The Commercial Real Estate segment experienced a slight 2% dip in rental revenues, amounting to Php 502 million in the first quarter of 2025. However, the segment achieved a 5.3% growth in net income, reaching Php 273 million in Q1 2025, up from Php 259 million in the corresponding period of 2024.
The Energy and Minerals segment generated revenues of Php 146 million and a net income of Php 58 million in the first quarter of 2025.
The Specialty Retailing business segment, represented by Office Warehouse, Inc., saw its revenues increase by 2.7% to Php 541 million in Q1 2025, compared to Php 527 million in the same period last year. Net income for this segment also improved by 2.6% to Php 30 million in Q1 2025, up from Php 29 million in the first quarter of 2024.
