Universal Robina Corp. on Friday reported a net income of P3.47 billion in the first quarter of 2022, up 15.6 percent from P3 billion in the same period last year, on strong a rebound across all businesses.
URC said in a disclosure to the stock exchange first-quarter consolidated sales climbed 22 percent to P35.783 billion from P29.36 billion a year ago as both domestic and international sales of branded consumers foods group (BCFG) posted double digit growth in revenues.
BCFG domestic operations booked a 15.4-percent increase in net sales to P17.6 billion, driven by double-digit growths across most categories on the back of strong volumes and increased prices.
The BCFG international operations registered a 41-percent increase in net sales to P7.84 billion during the first quarter of 2022. URC attributed the significant increase largely due to the double-digit growth from Vietnam, Thailand and Indonesia, coupled with the contribution from recently-acquired Malaysian biscuits company Munchy Food Industries.
Operating income stood at P4.1 billion, up five percent from the same period last year, as the company managed to raise the bottomline despite unprecedented cost pressures from spiking commodity prices, global supply chain challenges and geopolitical tensions.
“We are heartened by the accelerating growth trajectory of the company, as the economy has opened up and consumers see a return to normalcy,” said URC president and chief executive Irwin Lee.
“On the cost side, we continued to face challenges from volatile global commodity prices, which we expect to remain choppy throughout the year. Despite these headwinds, we will continue to serve our customers and consumers to the best of our abilities, staying agile and nimble through shifts in the market, and focus on our company’s purpose: to delight everyone with good food choices,” Lee added.
Agro-industrial and commodities business delivered a 21 percent growth in revenues to P10.3 billion from P8.54 billion recorded in the same period last year.
Sugar and renewable business reported a 22.8-percent increase in net sales to P5.8 billion in the first quarter of 2022, driven by higher selling prices in all categories.
Sales of the flour business posted a 22.4-percent growth to P1.47 billion in the first quarter of 2022 due to increased prices.
