RRHI earnings surge in 9 months

MANILA, Philippines — Gokongwei-owned Robinsons Retail Holdings Inc. (RRHI) sustained its strong performance in the third quarter, boosting its earnings to a robust growth in the nine-month period ending September.

RRHI saw its net income attributable to equity holders of the parent company surge by 202 percent to P7.8 billion in the first three quarters from P2.58 billion in the same period last year.

The significant expansion was due to a one-time gain from the merger of Robinsons Bank into Ayala-led Bank of the Philippine Islands, which was booked in the first quarter.

The core net earnings of the company from January to September went up by 7.6 percent year-on-year to P4.1 billion on the back of an increase in gross profit and higher operating efficiencies.

RRHI registered net sales of P142.4 billion during the nine-month period, up by three percent from last year’s P138.2 billion, driven by sustained contributions from its core food and drugstore segments.

For the third quarter alone, the company’s attributable net income increased by 28.7 percent to P1.01 billion, with net sales reaching P48.7 billion, 3.1 percent higher year-on-year.

RRHI president and CEO Robina Gokongwei-Pe said the company’s year-to-date performance reflects the resilience of its staple businesses, particularly in food and drugstores.

As of end-September, the company operated a total of 2,413 stores consisting of 758 food stores, 1,101 drugstores, 50 department stores, 225 do-it-yourself stores and 279 specialty stores.

It also has 2,163 franchised stores of TGP.

“We expect to see an uplift in sales in the months ahead as consumers regain their confidence amid easing inflation,” Gokongwei-Pe said.

“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.

Other brands under RRHI’s portfolio include Uncle John’s, Shopwise, The Marketplace, Handyman, True Value, No Brand, Daisy Japan, TGP, Southstar Drug, Rose Pharmacy, Toys ”R” Us as well as Robinsons Supermarket, Easymart and Department Store.