Metro Retail Stores Group, Inc. (MRSGI) today announced a robust performance for Fiscal Year 2024 during its Annual Stockholders Meeting. The company showcased continued expansion, enhanced operational efficiency, and a seamless transition in leadership as it sets its sights on future growth.
In her inaugural address as Chairperson of the Board, Ms. Sherisa “Baby” Nuesa underscored MRSGI’s resilience amidst a dynamic market. The company reported P39.62 billion in net sales, a 3.5% increase year-over-year, primarily fueled by the sustained strength of its food retail segment. Demonstrating effective cost management, MRSGI achieved a 7.8% rise in cash earnings (EBITDA) to P2.34 billion. Net income remained steady at P609.4 million, reflecting non-cash charges associated with the company’s ongoing expansion initiatives.
Beyond the financial highlights, Chairperson Nuesa emphasized significant milestones achieved in 2024, including the launch of the new state-of-the-art Metro Distribution Center in Sta. Rosa, Laguna, the opening of eight new stores, and the introduction of Metro Home Improvement and Lifestyle Stores. Further solidifying its reputation, MRSGI received its first Golden Arrow Award from the Institute of Corporate Directors in recognition of its strong governance practices. The company was also included in the inaugural Fortune Southeast Asia 500, affirming its position as a leading enterprise in the region.
The meeting also marked a significant leadership transition. After seven years of dedicated service as President and Chief Operating Officer, Mr. Manuel C. Alberto retired from his executive role. In his farewell remarks, Mr. Alberto reflected on Metro Retail’s journey of growth and transformation, encompassing successful navigation through the pandemic, modernization of the supply chain, and expansion of the loyalty program. He will continue to contribute to the company’s strategic direction as a Senior Board Advisor.
The Board unanimously appointed Mr. Joselito “Joel” Orense as the new President and Chief Operating Officer. Mr. Orense has been a key leader within MRSGI for a decade, serving as Chief Finance Officer and Treasurer since 2015. His extensive experience has been instrumental in driving improvements across finance, operations, and strategy, supporting the company’s growth and adaptability in the evolving retail landscape. Joining him in the executive team is Ms. Lucille Malazarte, the newly appointed Chief Finance Officer and Treasurer. With over 30 years of dedicated service to the company, Ms. Malazarte brings invaluable institutional knowledge and strong financial stewardship to her new role.
Chairperson Nuesa expressed the Board’s complete confidence in the incoming leadership team, stating, “Our strategy is anchored on three fundamental pillars: customer-centricity, business reinvention and expansion, and organizational transformation.”
Looking ahead, Metro Retail reaffirmed its commitment to delivering long-term value for its shareholders through strategic investments in modern retail formats, enhancing operational agility, and upholding governance excellence as it embarks on its next phase of growth.
