Universal Robina Corp. booked a seven-percent increase in net income to P10.1 billion last year, driven by the growth in operating income offset by finance cost, other expenses, and adverse foreign exchange impacts.
In a statement, URC said its operating Income, including hogs market valuation, grew by 12 percent to P15 billion.
Its net sales amounted to P134.2 billion, up by 5 percent against the same period last year.
Sales of domestic and international branded consumer foods contributed to P105.9 billion.
Domestic revenues increased by eight percent, while international revenues rose by two percent but declined by two percent in peso terms to P42.2 billion due to the negative impact of foreign exchange translation.
URC said sales of Agro-Industrial & Commodities businesses amounted to P28.3 billion, a 12-percent increase versus last year while operating income also grew by 12 percent.
The Agro-Industrial Group increased sales by 12 percent, driven mainly by strong growth in animal feeds and pet food.
The Commodities Foods Group revenue also grew by 12 percent with flour posting a healthy 26-percent sales growth, while Sugar & Renewables grew by six percent versus last year.
Irwin Lee, URC president, and chief executive officer, said: “We are happy that we have accelerated the growth of the Philippine business and have brought our core branded foods business back on track. Our transformation journey continues in full throttle as we take on the new challenges of 2020 and beyond.”