Food manufacturer Universal Robina Corp. (URC) said Tuesday its net income from continuing operations declined 11 percent in the first nine months of 2024 to P9.2 billion on lower foreign exchange gains.
Core net income was down 5 percent, led by higher tax provisions and finance costs, URC said in a disclosure to the stock exchange.
Nine-month net sales inched up by 1 percent to P118.9 billion.
URC said operating income went down 3 percent to P12.3 billion, as it recorded lower profits in its sugar and renewables business as sugar prices eased from last year’s record highs.
Minus the impact of lower profits from sugar and renewable business, URC sustained its double-digit growth, recording an increase in operating income of 22 percent versus last year, as easing commodity costs and optimization initiatives supported the company’s margin expansion.
“As we begin to see early signs of a resurgent Philippine shopper in 2025, we will continue to offer the best value to our consumers through our wide portfolio of quality brands, while delivering the best value to our stakeholders by sustaining the company’s strong performance. We will continue providing accessible choices to everyone across price points and trade channels, as we believe that everyone deserves to be delighted with good food choices,” URC president Irwin Lee said.
The group’s branded consumer foods (BCF) segment, excluding packaging and China, ended at P81.8 billion in the first nine months, up 2 percent year-on-year,
Domestic sales BCF recorded P55.9 billion in sales, flat from the same period last year, as the continued strong momentum of ready-to-drink beverages and bakery offset declines in coffee and confectionery.
International sales rose 9 percent to P25.9 billion as all overseas business units posted volume and value growth as well as market share gains, despite the weak consumer sentiment across the region.
The agro-industrial and commodities group recorded P36.2 billion in revenues, up by 2 percent from a year ago level as volume growth was offset by price adjustments across most businesses.
