Poultry producer Vitarich Corp. said Monday net income jumped nearly 10 times in 2021 to P89.4 million from P9.3 million in 2020 on the back of higher sales.
Vitarich said in a disclosure to the stock exchange revenues hit an all-time high of P9.7 billion, up 23 percent year-over-year, driven by growth across all business segments. “2021 not only delivered new revenue records across segments, but also pointed to higher long-term volume growth,” Vitarich president and chief executive Rocco Sarmiento said.
Sarmiento said he expects revenues to remain robust this year, while the supply chain headwinds will affect earnings.
Revenues from feeds segments, which accounted for 48 percent of total sales, rose 14 percent to P4.7 billion in 2021. This was due to the 12-percent increase in volumes and 3-percent increase in average selling prices.
Annual feed mill capacity rose 3 percent to 300,200 metric tons in 2021 from 290,800 MT in 2020, while production grew 8 percent to 226,900 MT from 209,700 MT.
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