Robinsons Retail posts P4.5 billion net income in 2021, up 39 percent

ABS-CBN News

Posted at Mar 01 2022 04:58 PM

MANILA - Robinsons Retail Holdings Inc on Tuesday said its net income attributable to the parent company hit P4.5 billion in 2021, higher by 39.2 percent compared to 2020 due to a strong fourth quarter performance.

Net sales grew 1.5 percent to P153.3 billion, it said in a disclosure to the stock exchange. 

Net income attributable to equity holders of the parent company grew twice to P1.8 billion in the fourth quarter from P825 million in the same comparable period, RRHI said.

Net sales in the fourth quarter posted a 7 percent growth to P44.4 billion "propelled by increased spending during the holiday season," the Gokongwei-led firm said.

"The positive sales performance was also aided by the easing of restrictions to Alert level 2 in the National Capital Region (NCR) starting November, which provided greater mobility to the public, including children and senior citizens," it added.

Metro Manila's mobility restrictions were eased in December as cases stabilized in time for the holiday season. Cases surged anew in early 2022 due to the emergence of the COVID-19 omicron variant.

In the fourth quarter, e-commerce grew 3 times compared to the same period in 2020, RRHI said. 

"The positive performance in the last quarter of 2021 shows how we came together as a company with unwavering dedication, amid the continued challenges of Covid-19 throughout the year,” RRHI president and CEO Robina Gokongwei-Pe said.

RRHI said it was looking forward to "reinvigorated business activity" as Metro Manila and 38 other areas shift to Alert Level 1 beginning March.

Easing the mobility restrictions and operational capacity of transport and businesses could mean more jobs which will give consumer spending a much-needed boost. 

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