Strong 2024 Performance Registered by Metro Retail
Rewritten Article:
Metro Retail Stores Group Inc. (MRSGI) showcased a robust 2024 performance at their Annual Stockholders Meeting, revealing expansion, operational efficiency, and a streamlined leadership transition as their keys to success.
The annual revenue soared to a notable 3.5% year-on-year increase, reaching ₱39.62 billion, with the food retail business taking the lead. Impressively, EBITDA jumped by 7.8% to ₱2.34 billion, showcasing meticulous cost management efforts. Despite expansion-related costs, net income held steady at ₱609.4 million.
Chairperson Sherisa "Baby" Nuesa proudly stated the unveiling of eight new stores, the kickoff of Metro Home Improvement and Lifestyle Stores, and the launch of the Metro Distribution Center. The company's stellar performance earned it the first Golden Arrow Award for governance and a coveted spot on the Fortune Southeast Asia 500 list.
Manuel Alberto, former president and COO, bid farewell after a seven-year tenure, transitioning to senior board advisor. In his place, Joselito "Joel" Orense, the former CFO and treasurer, was unanimously appointed as the new president and COO. Lucille Malazarte, with over 30 years at MRSGI, takes on the CFO and treasurer positions.
In a dynamic market landscape, MRSGI proved its resilience, aiming for continued growth as the company steps into its next expansion phase, led by Chairperson Nuesa. This optimistic outlook underscores MRSGI's enduring strength and potential for future triumph.
From expanding their portfolio to winning recognition as a regional powerhouse, MRSGI wowed crowds at their Annual Stockholders Meeting, leaving no doubt about their ongoing drive toward success.
In the context of Metro Retail Stores Group Inc.'s (MRSGI) Annual Stockholders Meeting, the company's robust 2024 performance, marked by expansion, improved efficiency, and leadership transitions, was highlighted. The finance department's meticulous cost management contributed to a 7.8% increase in EBITDA, while the food retail business led the annual revenue surge to ₱39.62 billion.
