Universal Robina nets P12.8B in 2023, down 12%

Gokongwei-led food manufacturer Universal Robina Corporation (URC) saw its bottom line decline last year due to the absence of a one-off gain in the preceding year.

In a disclosure to the Philippine Stock Exchange on Thursday, URC reported a net income of P12.8 billion, down 12% year-on-year.

The company attributed the decline to higher comparables from gain on land sale in the comparable year.

Removing the high base effect, URC’s core earnings grew by 6% to P12.6 billion on the back of operating income growth but tempered by higher interest rates environment.

The company’s operating income stood at P17.4 billion, up 14% year-on-year as overall sales reached P158.4 billion, up by 6% against a “high base” in 2022.

“Over the past few years the company has made purposeful strategic decisions to enter new segments outside our core categories in the Philippines and to build new legs in International, all of which we are seeing come to fruition. We have also continued to make good progress in our Fuel for Growth program, surpassing our initial commitments on operational efficiencies and savings. These initiatives will allow us to continue delivering on our mission – to provide our consumers with good food and beverage choices for the years to come,” said Irwin Lee, URC president and CEO.

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.—AOL, GMA Integrated News