Food manufacturer Universal Robina Corp. (URC) said Thursday its net income fell 12 percent in 2023 to P12.8 billion from the 2022 figure which reflected a gain on land sale.
The company’s core net income went up by 6 percent to P12.6 billion, driven by operating income growth but tempered by higher interest rates. URC’s sales for 2023 reached P58.4 billion, up 6 percent against a high base last year.
“Both the branded consumer foods (BCF) and the agro-industrial and commodities (AIC) businesses continued their momentum into the fourth quarter, growing sequentially versus the previous quarter,” the company said in a disclosure to the Philippine Stock Exchange.
URC’s operating income grew 14 percent in 2023, or more than double the topline growth, to close at P17.4 billion.
Operating margins hit 11 percent, driven by the company’s strategic pricing moves and continued operational savings.
URC said its financial position remained strong, with a healthy cash balance of P2.2 billion, net debt of P13.4 billion and a gearing ratio of 0.23.
The URC board approved on March 14, 2024 the declaration of cash dividend amounting to P1.90 per share from the unrestricted retained earnings of the company as of Dec. 31, 2023 to all stockholders of record as of April 12, 2024 and payable on May 9, 2024.