Concepcion-led RFM Corp. expects its 2018 net profit to have increased by 1.77 percent to P1.1 billion from P1.04 billion in 2017.
In a disclosure on Wednesday, RFM said its preliminary and unaudited financials indicated that the company was on track to posting P14.3 billion in sales in 2018, up 12 percent from a year ago.
RFM president and CEO Jose Ma. Concepcion III attributed the company’s growth to its ice cream, pasta and sauce as well as milk, flour and mixes business units.
“We are very positive on the continued growth of our top line and bottom line this 2019, especially as we head into election season and as we continue to see brisk economic activity and moderating inflation,” he said.
Concepcion, who also acts as the presidential adviser for entrepreneurship and the founder of advocacy group GoNegosyo, noted that the Philippines was in for a “very robust growth” as interest rates continued to soften.
“Given the collective efforts of both the public and private sectors towards a more inclusive economy, Concepcion also expects better spending power from consumers,” according to the disclosure.
In the meantime, the Security and Exchange Commission recently approved the merger of three of its subsidiaries, namely, CLIC, ICC, and IAC, which were expected to increase RFM’s efficiency and overall operations with lesser administrative expenses.