URC nets P12B in 2024

Universal Robina Corp. (URC), the food manufacturing unit of the Gokongwei Group, saw a decline in its bottom line for 2024, on the back of lower profits from the sugar and renewables (SURE) business correcting against the 2023 windfall.

In a statement released Monday, URC said its net income from continuing operations fell by 2% to P12.5 billion, while core net income declined by 3% to P12.2 billion. Sales for the year increased by 3% to P161.9 billion,

Total operating income fell by 4% to P16.7 billion. Net of SURE, its operating income grew by 20% driven by structural margin improvements to the business.

The branded consumer foods, excluding packaging and China saw a 2% increase in sales to P109.5 billion. Philippine sales closed flat at P74.7 billion, while international sales grew by 8% to P34.8 billion.

The agro-industrial and commodities group saw a 5% growth in sales to P51.3 billion, as higher volumes across most of its segments offset competitive price adjustments in feeds and flour.

“We expect further improvements in URC’s growth momentum going forward as we continue to provide new product innovations and better value offers to delight our customers and consumers with good food choices,” URC president and chief executive officer Irwin Lee said.

The company is looking to spend at least P8 billion this year, with a focus on expanding its facilities and capacity. —Jon Viktor Cabuenas/RF, GMA Integrated News