The Keepers boosts Cosco profits to ₱12.4 billion
Tycoon Lucio Co’s retail holding firm Cosco Capital Inc. posted a one percent growth in its consolidated net income to ₱12.4 billion in 2023 from ₱12.3 billion a year ago on the back of record earnings from its liquor distribution business, The Keepers Holdings Inc.
In a disclosure to the Philippine Stock Exchange, Cosco said strong operating performance from all its business segments lifted consolidated revenues by 8.8 percent to ₱214.5 billion last year from ₱197.1 billion in 2022.
“The Group continued to benefit from the economic recovery amidst the prevailing macroeconomic challenges by way of sustained and stronger revenue growth across all its business segments which indicates the recovering consumer demand,” the firm said.
The Liquor Distribution business thru The Keepers Holdings Inc. has recorded consolidated revenue amounting to ₱16.3 billion, a 17 percent growth versus previous year on the back of a 9 percent growth in volume of cases sold for the period.
This was driven principally by Alfonso, the leading imported brandy in the market, which has already surpassed its pre pandemic levels, premiumizing market and onpremise channel rebound.
Net income for the liquor segment saw a record-breaking performance jumping 30 percent to ₱2.9 billion in 2023 resulting from the strong sales performance from imported brandy, spirits, wines, and specialty beverages.
In 2023, the group's grocery retailing businesses, Puregold Price Club, Inc. and S&R Membership Shopping Club, contributed 69 percent of total net income, followed by the Liquor Distribution with 24 percent, and Commercial Real Estate segment with seven percent.
The grocery retailing segment’s consolidated net sales for 2023 rose by eight percent to ₱199 billion driven by higher comparative sales.