AgriNurture 9-mo profit triples on higher revenue, realty gains
MANILA, Philippines—Publicly-listed AgriNurture Inc. tripled its earnings from January to September this year as it booked gains on real estate assets and higher sales here and overseas.
In a statement, the agro-commercial company of businessman Antonio Tiu said its consolidated net profit hit P1.2 billion in the first nine months of 2021, up 200 percent from P389.73 million in 2020.
AgriNurture recognized fair value gain on valuation of investment property amounting to P955.92 million.
According to the company, it generated consolidated sales of goods and services of P3.62 billion for the nine months to September, up 21 percent over the same period last year.
Philippine operations contributed 47 percent while sales from foreign operations accounted for 53 percent of consolidated sales.
Local distribution sales posted an increase of 120 percent to P490.79 million for the nine months ending Sept. 30, from P223.52 million for the same period in 2020.
Despite increase in raw material and logistic costs, recurring operating profit rose 57 percent to P70.6 million in the third quarter of 2021 from P45 in 2020, mainly due to savings from continuous general and administrative expenses.
AgriNurture said it will launch new products like plant based meat under the Fit Bites brand, non-dairy coconut ice cream, Big Chill healthy drinks and Tully’s Coffee in cans for local and foreign distribution, which is expected to boost growth in 2022.
As an agro-commercial company, AgriNurture exports local fruits and vegetables to the Asia Pacific region, Europe and North America. The company also has commercial activities in China, Hong Kong and Australia which, despite the pandemic, reported gross revenues of close to $100 million in 2020.
