Robinsons Retail net income jumps over 150% to P10.3B in 2024

Robinsons Retail Holdings, Inc. (RRHI) more than doubled its attributable net income for 2024 to P10.3 billion, from P4.1 billion in 2023.

This surge was driven by higher sales and a one-time gain from the merger of Robinsons Bank Corp. with Bank of the Philippine Islands (BPI).

Full-year 2024 net sales increased by 3.7% to P199.17 billion, up from P192.13 billion the previous year, primarily due to the sustained growth of the food and drugstore businesses.

Blended same-store sales growth for the period reached 1.5%.

For the fourth quarter, RRHI's attributable net income grew by 62.4% to P2.46 billion, driven by same-store sales growth and improved cost dynamics.

Net sales for the fourth quarter increased by 5.3% to P56.76 billion, with same-store sales growth reaching 3.4%, led by the food and department store segments.

RRHI President and Chief Executive Officer Stanley C. Co. stated that the company sustained its growth trajectory in 2024 despite challenging market conditions.