Metro Retail nets P917 million in 2022

MANILA, Philippines — Metro Retail Stores Group Inc. (Metro Retail) recorded a net income of P917.3 million in 2022 as economic activity picked up in the country.

This was a significant turnaround from a P318.1-million pandemic-driven loss the prior year.

The 2022 net income also surpassed the pre-pandemic earnings by 18.3 percent from P775.6 million in 2019.

In 2022, the company added two new supermarkets, ending the year with 62 stores.

Metro Retail broke ground and started the construction of its mega distribution center in Sta. Rosa, Laguna in order to support its current and future network. The company also launched several new projects in its store expansion pipeline in strategic areas across Luzon and Visayas.

“The year 2022 was indeed a breakthrough year for Metro Retail. Along with the company’s celebration of its 40th year in the industry, Metro Retail was able to display its resilience – registering consistent encouraging performance across all quarters and ultimately closing the year with positive results. Metro Retail 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 Metro Retail president and COO Manuel Alberto.

The company recorded a banner year as sales and net income exceeded pre-pandemic levels and due to the robust consumer spending during the holiday season, Metro Retail said in a filing.

Fourth quarter sales brought annual sales to P38.1 billion last year, up 22.1 percent compared to the P31.2 billion sales in 2021.

“Amid the price pressures and supply chain challenges, the full reopening of businesses and improvement in labor market conditions primarily drove the growth in consumer confidence since the pandemic,” Metro Retail said.

Hence, the company’s general merchandise business climbed by 54.3 percent from the same period last year while food retail was up by 13 percent.

Metro Retail said the company was able to double its earnings before interest, taxes, depreciation, and amortization (EBITDA) to reach P2.7 billion (7.1 percent of sales) in 2022 compared to P1.2 billion (3.8 percent of sales) in 2021.

The company remained in a strong cash and liquidity position at P5.2 billion, while bank debt level was manageable at P3 billion.