Cosco Capital Inc., the listed holding company associated with the Lucio L. Co group, delivered a sharp rise in parent-company earnings in 2025, underscoring a familiar reality for investors: beneath the conglomerate structure, the cash engine remains grocery retail. The company’s separate financial statements show dividend income climbed to ₱3.90 billion in 2025 from ₱2.39 billion a year earlier, a roughly 63% increase that lifted parent-company net income to ₱3.84 billion from ₱2.37 billion in 2024. For Cosco, the parent company’s income statement is less a story of operating margins than of upstreamed cash. As a holding company, Cosco recognizes dividend income when its right to receive payment is established, and its investments in subsidiaries are carried at cost in the separate financial statements. That makes the parent accounts a clean window into which subsidiaries are actually sending cash upstairs. The answer in 2025 was clear: Puregold Price Club Inc. remained the core...