Puregold profit picked up 4.5% in Q3

Grocery retail chain Puregold Price Club Inc. saw its earnings in the January to September period inch up by 4.5 percent to P6.9 billion on growth across its portfolio, with the Lucio Co-led firm expecting better performance in the fourth quarter.

The company on Friday said its consolidated revenues grew by 9.1 percent to P151.97 billion, driven by higher foot traffic in Puregold stores and S&R Warehouse clubs.

“The company continues to see a buoyant trajectory in topline growth for the remainder of 2024,” Puregold said in a stock exchange disclosure.

As of end-September, Puregold, which is under the Co family-led holding firm Cosco Capital Inc., has opened 19 new Puregold stores, three S&R Membership Shopping Warehouse stores, and three S&R New York Style quick service restaurants.

The group now has 591 stores across the country. Apart from supermarkets, Co also has interests in liquor through The Keepers Holdings Inc.

The billionaire likewise recently ventured into renewable energy after taking over two hydroelectric power plants this year.

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In September, Cosco completed its acquisition of a hydroelectric power plant in Nueva Vizcaya province for P1.02 billion.

Matuno River Development Corp., the developer of the 8.66-megawatt (MW) Matuno River hydro power plant, sold 9.18 million of its shares to Cosco for P111.16 each.

In March, Cosco also bought 60 percent of Catuiran Hydropower Corp., the operator of an 8-MW hydro power plant in Oriental Mindoro, for P551.88 million.