Food manufacturer Universal Robina Corp. (URC) saw its net income attributable to equity holders of the parent company increase 21.3 percent to P4.14 billion in the first quarter of 2024 from P3.41 billion in the same period last year on the back of a steady growth in sales and higher foreign exchange gains.
URC said in a financial report filed with the Philippine Stock Exchange its consolidated sales of goods and services amounted to P42.58 billion in the quarter ended March 31, 2024, up 7 percent from the same period last year.
“Amidst a cautious consumer sentiment and inflationary environment, we continue to deliver top and bottom-line value by executing strategies to grow our core businesses, while expanding into new segments, categories, and geographies, and driving sustainable margin growth,” URC president and chief executive Irwin Lee said.
“We look forward to more progress in 2024 as we increase investments for growth and deliver on our mission – to provide our consumers with good food and beverage choices for the years to come,” said Lee.
Operating income in the first quarter grew faster than revenues, increasing 16 percent to P5.4 billion.
URC said margins also expanded on the back increased volumes and favorable sales mix, coupled with cost-saving initiatives and lower input costs.
Sales of its branded consumer food group (BCFG) group rose 6.1 percent to P19.12 billion in the first three months of 2024 from P18 billion a year earlier due to volume growth across majority of categories.
Revenues of BCFG domestic operations climbed 4.8 percent year-on-year to P19.42 billion, while sales of international operations were flat at P8.8 billion despite continued growth of Vietnam, Myanmar and Malaysia businesses.
The group’s agro-industrial and commodities group delivered strong first-quarter sales of P14.3 billion, up 15 percent compared to the same period last year.
All divisions, which include flour, feed and sugar businesses, saw healthy volume growth which offset lower selling prices for commodities.