Food manufacturer Universal Robina Corp. said Thursday net income attributable to the equity holders of the parent company rose 2.9 percent in the first nine months to P7 billion from P6.8 billion in the same period last year, driven by the strength of Philippine businesses.
URC said in a financial report filed with the stock exchange that consolidated sales of goods and services went up 4.8 percent in the nine-month period to P99.78 billion.
“We are pleased that the benefits of our transformation initiatives continue to manifest in our results. A more responsive supply chain, stronger partnerships with distributors and retailers, and product portfolio improvements are driving robust growth across our different categories,” URC president and chief executive Irwin Lee said.
“This is translating into market share gains in key categories like snacks, coffee and noodles. We are ahead of our internal targets and therefore, we plan to further reinvest in brand building and distribution expansion to finish the year strong,” he said.
Sales of the branded consumer food group, excluding the packaging division, increased by 4.1 percent to P78 billion in the first nine months.
BCF domestic operations increased 9 percent to P46.9 billion, fueled by the strong performance of all categories. International operations posted a 2.6-percent decline in net sales to P31.06 billion because of the weak performance in Thailand, offsetting the growth from Vietnam and Oceania.
URC said Vietnam’s business rebounded with a growth of 9.4 percent.
