Strong sales of pantry essentials boost RFM profit

Concepcion group-led food manufacturer RFM grew its third quarter net profit by 10.1 percent year-on-year to P282 million on sustained sales growth of shelf-stable food supply milk, pasta and sauce products.

For the nine-month period, RFM’s net profit rose by 7 percent year-on-year to P893 million, the company disclosed to the Philippine Stock Exchange.

RFM delivered net revenues of P11.2 billion for the nine-month period, 4 percent higher compared to the same period last year.

The drivers of the group’s revenue growth were flagship brands Selecta Milk, Fiesta and Royal, the disclosure said.

For the third quarter alone, net revenues went up by 7.8 percent year-on-year to P4.1 billion.

Selling and marketing expenses for the quarter rose by 7.4 percent year-on-year to P870 million while general and administrative expenses fell by 12.4 percent year-on-year to P248 million. —Doris ­Dumlao-Abadilla INQ