AgriNurture Inc. said Tuesday first-half revenues increased 29 percent in the first six months to P2.31 billion from P1.79 billion in the same period last year, as exports remained strong despite the pandemic.
ANI said in a disclosure to the stock exchange first-half net income declined by 65.8 percent to P122 million from P356.9 million in the absence of one time-gains this year.
The company booked non-operating income amounting to P281.33 million in the first six months of 2020 as a result of the increase in trademark valuation for the group’s Big Chill brand.
Minus one-time gains, recurring operating profit grew 65 percent from 61.87 million in the first half of 2020.
“The company continues to grow despite the impact of the pandemic on our operations,” said ANI chairman Antonio Tiu.
Domestic operations contributed 46 percent from January to June, while sales from foreign operations accounted for 54 percent of consolidated sales.
The company said that with the stable selling prices of banana and coco juice in the international market, constant supply of raw materials and increase in demand from customers especially in the Chinese and American markets, export sales rose 9 percent to P883.1 million from a year earlier.
Tiu said export sales of fruits increased significantly both in terms of volume and price, after the Chinese government lifted the lockdown.
Sales of coco juice went up on higher demand in the United States.
The company launched its e-commerce platform where customers can order fresh produce, canned beverages, rice and other essential goods for delivery to customers.
It also plans to launch new products such as plant-based meat, non-dairy coco ice cream and health drinks in cans under the Big Chill brand for local and export distribution which are expected to record double-digit growth in the coming quarters.