Metro Retail Stores Group, Inc. (MRSGI) recently held its Annual Stockholders Meeting, highlighting a strong performance for 2024 driven by continued expansion, improved operational efficiency, and a seamless leadership transition as the company looks toward future growth.
In her inaugural address as Chairperson of the Board, Ms. Sherisa “Baby” Nuesa emphasized Metro Retail’s resilience amid a dynamic market landscape. The company posted net sales of P39.62 billion for fiscal year 2024, a 3.5% increase from the previous year, fueled by sustained momentum in its food retail segment. EBITDA rose 7.8% to P2.34 billion, reflecting disciplined cost management. Net income remained steady at P609.4 million, tempered by non-cash expenses linked to the company’s ongoing expansion efforts.
Beyond financial gains, Nuesa spotlighted key milestones: the inauguration of the Metro Distribution Center in Sta. Rosa, Laguna; the opening of eight new stores; and the launch of Metro Home Improvement and Lifestyle Stores. MRSGI also earned its first Golden Arrow Award from the Institute of Corporate Directors and secured a spot in the inaugural Fortune Southeast Asia 500, affirming its status as one of the region’s top-performing firms.
The meeting also marked a pivotal leadership transition. After seven years as President and COO, Manuel C. Alberto stepped down from executive duties. In his parting remarks, Alberto reflected on the company’s transformation—from navigating the pandemic to modernizing its supply chain and expanding its loyalty programs. He will continue to support MRSGI as Senior Board Advisor.
Succeeding him is Joselito “Joel” Orense, unanimously appointed by the Board as the new President and COO. Orense has been with MRSGI since 2015, previously serving as Chief Finance Officer and Treasurer. He has been instrumental in driving strategic and operational improvements throughout the organization. Joining the leadership team is Lucille Malazarte, the newly appointed Chief Finance Officer and Treasurer. A 30-year company veteran, Malazarte brings deep institutional knowledge and a strong track record of financial stewardship.
Chairperson Nuesa expressed the Board’s full confidence in the new executive team.
“Our strategy is built on three key pillars: customer-centricity, business reinvention and expansion, and organizational transformation,” Nuesa said.
As it embarks on its next chapter, MRSGI remains committed to delivering sustainable value to shareholders, investing in modern retail formats, enhancing agility, and upholding high standards of corporate governance.