Farm produce wholesaler AgriNurture Inc. said net income in the first quarter of the year rose 26 percent to P40 million, boosted by strong sales of its food and beverage products coupled with the decline in expenses both for local and foreign operations.
ANI said in a disclosure to the stock exchange Monday first-quarter consolidated revenues jumped 45 percent to P1.2 billion from a year ago.
Gross profits totaled P160.5 million, up one percent from P158.57 million a year ago, as revenue from both local and foreign operations increased despite the difficult business environment due to COVID-19.
Domestic operations contributed 44 percent while sales from foreign operations accounted for 56 percent of consolidated sales.
By business segment, ANI’s export sales amounted to P438.82 million, 10 percent higher from a year ago.
ANI attributed the increase to the stable selling prices of bananas and coco products in the international market, constant supply of raw materials and increased customer demand, especially in the Chinese and US markets.
“The slight increase was due to logistical challenges in China because of the pandemic but sales increased significantly (both volumes and sales price) after the Chinese government lifted the lockdown. Also, sales for coco juice went up due to increasing demand in the United States of America during the period,” ANI said.
Local sales surged 173 percent to P93.35 million during the period from P34.23 million on year.
“Sales increased significantly especially during the start of the Enhanced Community Quarantine. Further, the group launched its own e-commerce platform through its ANI Express website where customers can order fresh produce, canned beverages, rice and other essential goods for delivery to customers,” the company said.
ANI plans to launch new products such as the plant-based meat fit bites, non-dairy coconut ice cream and healthy drinks in cans for local and export distribution, which are expected to start to record double-digit growth for the rest of the coming quarters.
