Food manufacturer Universal Robina Corp. said Monday net income from continuing operations grew 12 percent in 2022 to P14.5 billion on the back of a double digit growth in sales for both domestic and international markets.
URC said in stock exchange filing unaudited sales in 2022 reached P149.9 billion, up 28 percent year-on-year, boosted by strong fourth-quarter performance.
Sales in the fourth quarter jumped 35 percent from the same period last year, on sustained reopening of economies.
“We have closed out the year strong, turning in a record performance across all our business units and surging well above pre-pandemic levels. The structural work we have done over the last few years has allowed us to capitalize on the growth opportunities from the reopening of the economy in 2022,” URC president and chief executive Irwin Lee said.
“In the coming year, we will continue to execute our plans to keep our margin recovery on track. We remain confident that the strength of our portfolio of ‘Products and Brands that People Love’ will continue to drive growth into 2023 and beyond, as we stay true to our purpose of providing good food choices for consumers.” Lee said.
Branded consumer goods, which include domestic and international branded consumer foods but exclude packaging, registered sales of P105.9 billion last year, up 29 percent from 2021.
Sales of branded food group in the Philippines reached P 73.6 billion, up by 23 percent from a year ago, while overseas sales jumped 46 percent year-on-year to P32.3 billion.
URC said core international business, excluding the newly-acquired Munchy’s brand from Malaysia, grew 17 percent, with all manufacturing businesses growing significantly as economies around the region reopened post-pandemic.
Revenues from agro-industrial and commodities divisions went up by 26 percent to P42.1 billion, driven by strong sales of feeds.
The commodities group of flour, sugar and renewables recorded higher selling prices.