CONCEPCION-led food and beverage company RFM Corp. grew its net profit in the first six months by 8 percent year-on-year to P508 million, gaining from strong consumer spending during the period.
This is in line with RFM’s goal to breach the P1-billion net profit milestone this year.
For the six-month period, RFM booked P5.8 billion in sales revenues, up by 5 percent over the
revenues posted for the same period last year.
In a disclosure to the Philippine Stock Exchange on Monday, RFM president and CEO Jose Concepcion III reported that sales of Selecta ice cream and Fiesta pasta had posted strong growth for the first semester.
Ice cream sales got a boost from the combined impact of El Nino and the usual hot weather during summer, he said.
The company also reported that its Fiesta pasta and sauce brand, White King cake and flour mixes as well as Selecta Milk had likewise seen good topline growth for the period.
Concepcion noted that “improvements in our supply and distribution system also supported the growth momentum in sales and profits.”
RFM expects to sustain this topline growth momentum for the second half of the year, especially with more product innovations for the consumers.