Cebu-based retailer Metro Retail Stores Group Inc. said Friday net income in 2022 reached P917.3 million amid the full reopening of businesses, a turnaround from the P318-million net loss it booked in 2021.
MRSGI said in a statement that sales jumped 22 percent to P38.1 billion in 2022 from P31.2 billion sales in 2021 as the increased store traffic resulted in a 19.2-percent blended same-store sales growth.
It said net income and sales in 2022 also exceeded pre-pandemic levels.
MRSGI said despite price pressures and supply chain challenges, the full reopening of businesses and improvement in labor market conditions drove the growth in consumer confidence.
“MRSGI marked this year as its leap from the net loss incurred during the pandemic to delivering a buoyant financial outcome. And we look forward to sustaining this growth in the coming years,” said MRSGI president and chief operating officer Manuel Alberto.
Revenues from general merchandise business climbed 54.3 percent year-on-year, while food retail rose 13.1 percent.
MRSGI opened two new supermarkets to end the year with 62 stores with a total net selling space of 249,824 square meters. Of these stores, 10 are located in Metro Manila and 12 in other parts of Luzon.
It broke ground and started the construction of its mega distribution center in Sta. Rosa, Laguna to support its current and future network.
The company also launched several projects in its store expansion pipeline in strategic areas across Luzon and Visayas.
The company remained in a strong cash and liquidity position at P5.2 billion, while bank debt level was manageable at P3 billion.
MRSGI’s board of directors approved in March the distribution of cash dividends amounting to P196.1 million, equivalent to P0.06 per share.
The share price of MRSGI climbed 4.9 percent Friday to close at P1.48.