RRHI earnings more than triple to P6.8 billion in H1

MANILA, Philippines — Higher sales and a one-time gain boosted attributable earnings of Gokongwei-owned Robinsons Retail Holdings Inc. (RRHI) in the first half.

RRHI saw its net income attributable to equity holders of the parent company more than tripled to P6.8 billion in the first semester from P1.8 billion in the same period in 2023 following the one-time gain from the merger between Bank of the Philippine Islands and Robinsons Bank Corp. in the first quarter.

Core net earnings, which exclude one-time gain as well as equity in earnings from associates and foreign exchange gains/losses among others, grew by 12 percent to P2.65 billion, from P2.36 billon last year.

For the second quarter alone, RRHI’s core net earnings rose by 15.3 percent to P1.5 billion, driven by higher gross profit and operating efficiencies.

Net sales from January to June improved by three percent to P93.71 billion from last year’s P90.98 billion on the back of strong performances of its food, drugstores and department stores segments.

“We continue to generate earnings growth by focusing on controllable factors such as opening stores in strategic locations, enhancing our merchandise mix and streamlining costs,” RRHI president and CEO Robina Gokongwei-Pe said.

Gokongwei-Pe is optimistic the company can sustain its earnings momentum in the latter half of the year as RRHI accelerates store openings while moderating inflation is seen as a boon for consumer spending.

RRHI ended the first half with a total of 2,401 stores consisting of 755 food stores, 1,082 drugstores, 49 department stores, 224 DIY stores and 291 specialty stores.

It also has over 2,100 franchised stores of TGP.