Robinsons Retail Holdings, Inc. (RRHI) saw its attributable net income soar more than fourfold in 2024, reaching P10.3 billion, a significant jump from P4.1 billion in 2023. The remarkable increase was fueled by robust sales growth and a one-time gain from a bank merger. The company’s full-year net sales grew by 3.7%, rising to P199.17 billion from P192.13 billion the previous year, primarily driven by the expansion of its food and drugstore segments, RRHI stated in a regulatory filing on Thursday. Same-store sales growth for the year stood at 1.5%.
A key contributor to RRHI’s profit boost was the merger of Robinsons Bank Corp. with the Bank of the Philippine Islands (BPI), completed on January 1, 2024, with BPI emerging as the surviving entity. In the fourth quarter, RRHI’s attributable net income climbed 62.4% to P2.46 billion, supported by higher same-store sales and improved cost efficiencies. Quarterly net sales increased 5.3% to P56.76 billion, with same-store sales rising 3.4%, mainly propelled by the grocery and department store divisions.
"Despite market headwinds, our company sustained its growth trajectory in 2024," said RRHI President and CEO Stanley C. Co. "This milestone underscores the resilience of our core business and our agility in adapting to shifting market dynamics." Looking ahead to 2025, Co emphasized RRHI’s commitment to business expansion while integrating sustainability initiatives into its value chain.
As of end-2024, RRHI operated 2,453 stores, including:
761 food stores
1,133 drugstores
50 department stores
227 DIY stores
282 specialty stores
Additionally, the company managed 2,115 franchised outlets under The Generics Pharmacy brand. According to Revin Mikhael D. Ochave, the RRHI stock market gained 0.87% (30 centavos) to close at P34.60 per share.