COSCO Capital Inc. on Tuesday reported earning P12.28 billion last year, 16.80 percent better compared to 2021's P10.50 billion.

The results were attributed to a combination of gross margin enhancements, sustained strategic costs and expense management that led to slower growth in expenses.

All business segments lifted consolidated revenues to P197.10 billion, up by 13 percent from P174.40 billion in 2021.

The company said it continued to benefit from the country's economic recovery amid prevailing macroeconomic challenges.

Its grocery retailing businesses, Puregold Price Club Inc. and S&R Membership Shopping Club, contributed 63 percent of total core net incomeLiquor distribution added 25 percent; commercial real estate, 11 percent; and specialty retail, 1 percent.|

Grocery retailing's consolidated net sales for 2022 were higher by 12.30 percent at P184.30 billion, driven by 6.6-percent full-year same-store sales growth and growth in new stores.Liquor distribution business through The Keepers Holdings Inc. posted consolidated revenues of P13.96 billion in 2022, up by 26.50 percent.

The commercial real estate segment posted 7-percent growth in rental revenue amounting to P1.81 billion as business operations improved.For specialty retailing, Office Warehouse Inc.'s revenues grew by 15 percent to P1.79 billion.Cosco Capital's share price went up by 17 centavos to P4.47 on Tuesday.