Food and beverage company RFM Corp. said Wednesday its board approved the declaration of P200-million cash dividend to shareholders amid strong financial performance in 2024.
RFM said in a disclosure to the stock exchange shareholders as of record date Jan. 22, 2025 would be entitled to receive P0.05936 per share. The cash dividend will be paid on Feb. 18, 2025.
RFM said preliminary data showed it was on track to reach P22 billion in revenues and P1.4 billion to P1.5 billion in net income for 2024.
RFM generated P1.27-billion income and P20.7-billion revenues in 2023.
RFM president and chief executive Jose Ma. Concepcion III expects the company to sustain the strong performance across its brands and businesses as input price inflation remained within reasonable levels.
Concepcion also noted the strong underlying consumer demand for RFM’s Fiesta and Royal pasta products that buoyed 2024 sales on top of the purchases of local government units for their Christmas baskets for constituents.
RFM declared P1.3 billion in cash dividends in 2024, up from P850 million in 2023. At the share price of P3.87 at end-2024, RFM’s 2024 dividend yield was 10 percent.
RFM also owns 50 percent of the leading ice cream company in the Philippines that sells Selecta, Magnum and Cornetto brand as well as the leading pasta brands Royal and Fiesta pasta and sauces.
It also owns the Selecta Milk and White King mixes brands.
“RFM has no debts and has a strong balance sheet that enable our steady declaration of cash dividends. We have also completed some big capex in 2024 like the new Silang, Cavite bakery plant and new Selecta Milk lines and will just be on the lookout for opportunities to grow our businesses,” Concepcion said.
“Nevertheless, our pipeline of new products is quite packed for our ice cream, pasta and milk brands which will ensure organic growth for RFM in the near term,” he said.
