URC nets P7B in H1, up 8%

Gokongwei-led snack foods and beverages maker Universal Robina Corporation (URC) saw its bottom line grow in the first half of 2023 on the back of strong consumer demand.

In a disclosure to the Philippine Stock Exchange on Friday, URC reported a net income of P7 billion, up 8% year-on-year.

This comes after the company saw an 11% year-on-year increase in sales to P78.6 billion as "all businesses continued to grow, signaling resilient consumer demand across the region."

URC’s Branded Consumer Foods (BCF) segment for both domestic and international branded consumer foods recorded sales of P54.1 billion for the first half of the year.

The company said its domestic BCF group’s sales grew by P37.4 billion, up 7% from a year earlier.

Its BCF international group grew by 7% to P16.8 billion as demand in "Vietnam, Malaysia, and Myanmar continued to drive the growth of the division."

URC’s Agro-Industrial and Commodities (AIC) segment booked P23.8 billion in sales, up 23% year-on-year, "driven by sugar and renewables on the back of higher selling prices and the agro-industrial group with its strong feeds sales."

"We are pleased that the company has maintained its sales momentum while showing improving margins against last year, despite higher input costs and inflationary pressures,'' said URC president and CEO Irwin Lee.

''The company will continue to prioritize profitable growth on the back of our strong brands and consistent operating discipline. No matter the external environment, URC takes pride in continuously delighting consumers with good food choices," he added. 

URC is the manufacturer of consumer food brands such as Jack 'n Jill for snack foods, C2 Cool and Clean for ready-to-drink tea, and Great Taste for coffee. — VBL, GMA Integrated News