GOKONGWEI-LED Robinsons Retail Holdings, Inc. will extend the company’s share buyback program for another P2 billion in a move to raise shareholder value.
The program will be facilitated through the Philippine Stock Exchange.
“Our buyback program is in line with our capital allocation policy, which involves our strategies for organic growth, M&As, e-commerce, and higher dividend payouts,” Robinsons Retail President and Chief Executive Officer Robina Gokongwei-Pe said in a statement on Monday.
The additional share buyback would be on top of the P2-billion share buyback program approved on March 9, 2020.
The company said it is in a strong net cash position to implement an additional share buyback program.
“We are confident in the growth trajectory of Robinsons Retail as we venture into more adaptive and agile means of doing business,” Ms. Gokongwei-Pe added.
Robinsons Retail has already repurchased some 24.7 million shares as of early March this year, amounting to P1.5 billion.
The company closed 2020 with a decline of 25.2% in its net income attributable to equity holders to P2.93 billion. Net sales meanwhile decreased 7.3% to P151.03 billion.
Robinsons Retail shares at the stock exchange dropped by 2.25% or P1.20 on Monday, closing at P52.05 apiece. — Keren Concepcion G. Valmonte