Metro Retail earns 4% more in 2016

MANILA, Philippines - Metro Retail Stores Group Inc. (MRSGI) of the Gaisano family, the largest retailer in the Visayas, posted a four percent growth in profit in 2016 to P789 million from P758 million the previous year.

The company said this was achieved on the back of higher sales.

Net sales in the fourth quarter alone grew 7.4 percent to P10.67 billion.

According to MRSGI, the inherent strength of the business was evident throughout the fourth quarter, with sales rising steadily from October to December. 

MRSGI chairman and CEO Frank Gaisano said efforts to improve operations through initiatives and investments have started paying off and are expected to continue this year.

“We are very pleased to have closed 2016 with a strong fourth quarter performance. These positive results show that our investments and operational improvements are and will continue paying off, allowing us to better serve our ever expanding market,” he said.

MRSGI ramped up its supply chain and logistics modernization program over the course of the year.

It also inaugurated a warehouse facility in Cebu with advanced storage and security features, as well as added new delivery trucks – each equipped with tracking devices – to its fleet to ensure real-time monitoring of delivery and improve overall cost efficiency.

For this year, MRSGI is looking to sustain the growth, with initiatives in place to bolster sales and improve store-by-store profitability, Gaisano said.

To date, the company has a 50-strong store network, which covers 25 supermarkets, including its most recently opened store in Iloilo City, as well as 13 hypermarkets and 12 department stores. 

The company is a subsidiary of Vicsal Group which includes Wealth Bank, which is jointly owned by Woori Bank, Korea’s second largest bank; Taft Properties, and HT Land, a joint venture between Taft and Hong Kong Land.