Food manufacturer Universal Robina Corp. said net income attributable to parent equity holder rose 19 percent in the second quarter of 2023 to P3.28 billion from P2.72 billion in the same period last year as margins expanded despite higher commodity costs.
URC said in a financial report filed with the Philippine Stock Exchange the continued resilient consumer demand across the region pushed second-quarter consolidated revenues to P38.8 billion, up 10 percent from a year ago.
Operating income in the second quarter jumped 17.8 percent to P3.9 billion as the company saw the full year impact of the price adjustments made by the company in 2022.
“We are pleased that the company has maintained its sales momentum while showing improving margins against last year, despite higher input costs and inflationary pressures,” URC president and chief executive Irwin Lee said.
“The company will continue to prioritize profitable growth on the back of our strong brands and consistent operating discipline. No matter the external environment, URC takes pride in continuously delighting consumers with good food choices,” he said.
First-half net income also grew by 7.4 percent to P6.66 billion from P6.2 billion a year ago, while consolidated sales jumped 11 percent to P78.6 billion.
