Robinsons Retail's bottom-line benefits from reopened economy in 2022

MANILA, Philippines — Robinsons Retail Holdings Inc. saw its fortunes improve in 2022 as easing pandemic restrictions and a reopened Philippine economy boosted the company’s bottom-line.

In a disclosure sent to the Philippine Stock Exchange index on Thursday, the Gokongwei-led company reported its net income surged 30% year-on-year to P6.3 billion in 2022. 

The company’s consolidated net sales grew 16.6% on-year to P178.8 billion in 2022 on the back of same-store sales growth and new stores. 

“Building on the momentum last year, our company will continue to take advantage of the economy’s return to normal. We will focus on improving store efficiency and increasing market coverage with more stores in the pipeline for 2023,” said Robina Gokongwei Pe, company president and chief executive. 

The company’s businesses, which range from drugstores, groceries, and convenience stores, all benefitted from the Philippine economy’s full reopening towards the end of the year. This meant the resurgence of consumer spending, more or less, kept their business segments in the green. 

As it is, Robinsons tweaked economies of scale within its businesses, which left gross profit rising faster compared to sales at 19.8% on-year to P42.2 billion.

Earnings before interest, taxes, depreciation and amortization rose 21.3% on an annual basis to P15.95 billion in 2022. Earnings per share jumped 30.6% on-year to P3.85 in 2022. The growth was aided by the company’s ongoing stock buyback program. 

As of 11:38 a.m., shares in Robinsons were trading up 0.25%.