The Gokongwei group’s food unit Universal Robina Corporation (URC) posted double-digit growth in its net income in the past year, as the company saw record sales during the period.
In an emailed statement, URC said its unaudited net income from continuing operations climbed 12% to P14.5 billion, while its operating income jumped by 20% to P15.2 billion.
Sales for the fourth quarter of the year rose by 35%, bringing the full-year figure up by 28% to P149.9 billion versus the comparable period in 2021.
Its branded consumer foods segment reported a 29% growth in its total sales to P105.9 billion, while the agro-industrial and commodities divisions saw sales increase by 26% to P42.1 billion.
“The structural work we have done over the last few years has allowed us to capitalize on the growth opportunities from the reopening of the economy in 2022,” URC president and CEO Irwin Lee said.
“In the coming year, we will continue to execute our plans to keep our margin recovery on track. We remain confident that the strength of our portfolio of ‘Products and Brands that People Love’ will continue to drive growth into 2023 and beyond, as we stay true to our purpose of providing good food choices for consumers,” he added.
The majority of the company’s branded consumer food business is conducted in the Philippines, with operations through subsidiaries in the Cayman Islands, the British Virgin Islands, China, Hong Kong, Indonesia, Malaysia, Singapore, Thailand, Myanmar, Vietnam, New Zealand, and Australia.
Shares in the company closed Monday at P135.10 apiece, up by P0.10 or 0.07% from last Friday’s finish of P135.00. — BM, GMA Integrated News