Cosco Capital (COSCO) Q3 2024 earnings summary

Executive summary

• Consolidated revenue for the nine months ended September 30, 2024, reached P164.06 billion, up 9.18% year-over-year, driven by strong performance in grocery retail, liquor distribution, and real estate segments.

• Net income grew 10.04% to P10.04 billion, with net income attributable to equity holders rising 11.59% to P5.98 billion.

• Expansion in store network and efficiency measures contributed to growth despite macroeconomic challenges.

Financial highlights

• Gross profit increased to P31.94 billion from P29.13 billion year-over-year.

• Operating income rose to P13.47 billion, while EBITDA to interest expense ratio improved to 7.63:1 from 7.15:1.

• Basic/diluted EPS for the period was P0.8728, up from P0.7734 in 2023.

• Cash and cash equivalents stood at P53.12 billion, down 14.11% from year-end 2023 due to capex, dividends, and loan settlements.

Outlook and guidance

• Management expects continued strong liquidity and the ability to fund expansion and strategic investments from internal cash flows and untapped credit facilities.

• No material events or uncertainties are expected to impact future operations or liquidity.