Robinsons Retail Holdings Inc. (RRHI) saw its net income attributable to equity holders of the parent company surged over threefold in the first nine months of 2024 to P7.8 billion from P2.58 billion in the same period in 2023.
RRHI attributed the significant increase to the one-time gain from the merger of Robinsons Bank into the Bank of the Philippine Islands (BPI), which was booked in the first quarter of 2024.
Nine-month core net income, which excludes one-off items, grew 7.6 percent to P4.1 billion on improved gross profit and higher operating efficiencies, RRHI said in a disclosure to the stock exchange Friday.
Net sales hit P142.4 billion from January to September 2024, up 3 percent year-on-year, led by sustained contributions from its core food and drugstore segments.
“Our year-to-date performance reflects the resilience of our staples businesses, particularly in food and drugstores. We expect to see an uplift in sales in the months ahead as consumers regain their confidence amid easing inflation,” said RRHI president and chief executive Robina Gokongwei-Pe.
“We remain committed to long-term value creation, including advancing sustainability efforts across our retail portfolio to ensure a lasting impact on our stakeholders,” she said.
Gross profit for the nine-month period rose 4.3 percent to P34.3 billion, while operating income increased 3.7 percent to P6.4 billion.
Net income jumped 26.1 percent to P1.16 billion in the third quarter from P919 million a year earlier, as sales inched up by 3 percent to P48.7 billion from P47.22 billion.
RRHI operated a total of 2,413 stores as of Sept. 30, 2024, including 758 food stores, 1,101 drugstores, 50 department stores, 225 DIY stores and 279 specialty stores. It also had 2,163 franchised stores of TGP.
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