Food manufacturer Universal Robina Corp. said Friday net income climbed 27.6 percent in the third quarter to P3.14 billion from P2.46 billion in the same period last year on the back of a double-digit growth in revenues.
URC said in a disclosure to the stock exchange third-quarter revenues surged 31.6 percent to P36.76 billion from P27.92 billion a year ago on strong reopening momentum from economies around the region.
“We are delighted by the continued growth momentum over the last nine months. We will continue to execute our plans to keep our margin recovery on track despite the challenges on all fronts, notably inflationary pressures from volatile commodity costs and the strength of the US dollar,” URC president and chief executive Irwin Lee said.
“We remain confident that the strength of our core products, along with our successful new launches, will continue to provide value for our consumers and drive growth into 2023 and beyond,” he said.
Nine-month net income declined 11.2 percent to P9.34 billion from P10.52 billion because of a gain on sale of assets it booked last year.
Revenues in the first nine months grew 26 percent to P107.9 billion on strong sales from domestic and international branded consumer foods business.
BCF Philippines reported P54 billion in sales, up 22 percent from the same period last year as most categories exhibited strong growth, with strong sales offtake and healthy inventory levels.
BCF international business units registered a 51-percent increase in sales to P24.4 billion as all manufacturing businesses posted double-digit growth against lower comparables from the COVID-19 Delta surge last year.
Cost of sales, consisting of raw and packaging materials costs, manufacturing costs and direct labor costs, accelerated by 30 percent to P79.1 billion in the nine-month period on higher volume and elevated input costs.
Operating income in the nine-month period grew by 10 percent to P10.8 billion.
Meanwhile, sales from agro-industrial and commodities divisions grew 15 percent to P28 billion, driven by strong demand for feeds.
The commodities group, which consists of flour, sugar and renewables, also grew overall sales on higher prices. Volumes declined amid supply challenges brought about by the global wheat market volatility, more severe typhoon impacts and lower milling output.