MANILA, Philippines - Puregold Price Club, owned by the country's 9th richest man Lucio Co, reported an all-time high core net income in 2014.
Puregold said its core net income rose 18 percent to P4.52 billion in 2014, from P3.83 billion it posted in 2013.
The second largest grocery retailer in the Philippines recorded net sales of P84.7 billion in 2014, 16 percent higher than a year ago. This was attributed to strong consumer demand from its 233 Puregold stores; 9 S&R Membership stores and 6 S&R New York Style Pizza stores.
Puregold said income from operations jumped 19 percent to P6.48 billion in 2014.
"I believe that 2015 will be another record year of profits for Puregold as we continue with our expansion strategies of opening 25 Puregold stores per year and 2 S&R stores per year for the next 5 years excluding acquisitions as well as the continued increasing consumption from our customers," Puregold president Leonardo B. Dayao said.
Co and his wife Susan were recently included in the Forbes Billionaires' List, ranking 9th in the Philippines with an estimated net worth of $2.3 billion.