URC’s 9-month net income up by 6%
MANILA -Gokongwei-led Universal Robina Corp. grew profits by 6 percent to P10.3 billion during the first nine months of the year amid the resilient performance of its agro-industrial and commodities business.
Revenue from January to September increased by 9 percent to P117.6 billion while third quarter sales expanded by 6 percent over the same period in 2022, the maker of V-Cut potato chips and C2 iced tea said in a stock exchange filing on Friday.
“Despite consumers absorbing higher food and fuel prices from elevated inflation, the company maintained its sales momentum, providing products and brands that people love,” URC president and CEO Irwin Lee said in the filing.
“Our efforts to improve profitability will support our investments in brand building and supply chain strength, to further drive growth and create value for all our stakeholders,” he added.
URC, part of the Gokongwei family conglomerate JG Summit Holdings, closed the nine-month period with operating profits of P12.6 billion, up 17 percent.
Its branded consumer foods group, excluding the packaging business, grew by 3 percent to P81.1 billion during the first three quarters of 2023.
The segment delivered P56.2 billion in revenues or an increase of 4 percent as “most categories showing improvements in their market shares and order fill rates”.
The international branded food segment also grew 2 percent to P24.9 billion mainly driven by Vietnam, Myanmar, and Malaysia.
“This was offset by the trade inventory corrections in Thailand and Indonesia as the company executed product reconfigurations to address key price points in the markets,” URC said.
URC’s agro-industrial and commodities divisions also sustained growth at 27 percent to P35.6 billion in sales. The company’s agro-industrial group, sugar and renewables, and flour “showed double digit growth in the third quarter on the back of higher volumes”, the filing showed.
