PHILIPPINE Seven Corporation (PSC), the exclusive licensor of 7-Eleven convenience stores in the Philippines, delivered strong financial results in 2024, with net income climbing 9.4 percent to P3.81 billion.
This was driven by a 13.8-percent surge in system-wide sales, reaching P93.5 billion in the same period. The company’s revenue from contracts with customers also saw a 13.6-percent improvement to P88.7 billion, the company reported during its Annual Stockholders’ Meeting where it also celebrated four decades of market leadership marked by the opening of its 4,000th store.
Financial Performance Highlights Robust Growth
SAME-STORE sales growth (SSSG) remained positive for the full year at 3.2 percent, propped up by
a healthy 3.4-percent increase in customer traffic in mature stores. This resilience was notable despite a slight dip in the fourth quarter, which marked the end of a 13-quarter streak of positive growth.
“Our 40th year was about honoring our legacy while building a foundation for the future,” said Jose Victor Paterno, President and CEO of PSC. “Our performance is a direct result of our strategic focus on innovation, customer convenience, and responsible expansion.”
A Milestone Year: 40 Years and 4,000 Stores
A major highlight of 2024 was the opening of PSC’s 4,000th 7-Eleven store, a landmark achievement coinciding with the company’s 40th anniversary. This milestone celebrates the brand’s journey from a single store to a trusted presence in communities across Luzon, Visayas, and Mindanao. By year-end, the network had grown to 4,130 stores.
Jose Pardo, Chairman of the Board, stated, “Reaching 4,000 stores in our 40th year is a testament to the trust we’ve earned from our customers and the dedication of our entire team. We are proud to be an integral part of daily Filipino life.”
Investing in Innovation and Financial Inclusion
PSC has aggressively expanded its financial services through a strategic collaboration with Pito AXM Platform, Inc. By the end of 2024, 3,493 stores, or 84 percent of the network, were equipped with cash-recycling ATMs. These machines not only enhance operational efficiency but also serve as a vital tool for financial inclusion in underserved communities.
Capital expenditures rose by 12.9 percent in 2024, reflecting PSC’s commitment to investing in new store openings, technology upgrades, and logistics. The company also continued to enhance its CLiQQ mobile app and innovate its food service offerings to meet evolving consumer preferences for value and convenience.
Delivering Exceptional Shareholder Value
PSC likewise maintained a healthy and stable balance sheet, ending 2024 with total assets of ₱43.3 billion. The company achieved an all-time high Return on Equity (ROE) of 35.2 percent, up from 32.1 percent in 2023, showcasing outstanding efficiency in generating profits from shareholder investments.
In a significant return to shareholders, PSC distributed ₱7.26 billion in cash dividends and issued a 100-percent stock dividend in 2024. This move, which capitalized excess retained earnings, rewarded investor confidence and underscored the company’s sound financial health.
“As we move forward, our focus remains on enriching the lives of our customers through innovation and convenience,” Paterno added. “With a proven ability to adapt and a clear vision for growth, Philippine Seven Corporation is poised for continued success.”
A Significant Leadership Transition
THIS year also marks a pivotal moment in PSC’s corporate journey. Jose Victor Paterno formally assumes the role of Chairman of the Board, succeeding Jose Pardo who now takes on the role of Chair Emeritus and member of the Advisory Board. PSC’s longtime Chief of Operations, Richard Lee steps into the role of President.
This transition is a testament to the company’s strong succession planning and strategic continuity. Paterno and the Board expressed full confidence in Lee’s leadership, citing his deep understanding of the business, operational excellence, and longstanding contributions to PSC’s growth.
Lee has played a key role in building operational alignment with PSC’s regional partners, particularly 7-Eleven Taiwan, whose technical and strategic collaboration has been instrumental to PSC’s success in the Philippine market.
“Richard has been an integral part of our leadership team for years. His steady hand, commitment to execution, and strong ties with key stakeholders in Taiwan will help carry PSC into its next chapter,” explains Paterno.
PSC upholds its commitment to the enduring systems, values, and leadership that have guided its journey, as it moves forward with confidence through this meaningful transition.