Philippines’ URC posts P6.5b net income in H1

This is lower compared to the same period last year.

Philippine-based Universal Robina Corporation (URC) reported a P6.5b net income, which is lower than its net income in the previous year. 

Over the same period, the company recorded a 23% growth in net sales to P71.1b as it saw double-digit increases across all its business units. 

“”We anticipate sales momentum to be maintained as consumer demand continues to be resilient across the region,” Irwin Lee, URC President and CEO, said.

“At the same time, we are closely watching demand signals given the inflationary environment.” 

Read more: Philippines' URC net income surges 109% YoY to $465.4m in 2021

URC’s sales of domestic and international branded consumer foods (BCF) grew 27% to P50.7b. BCF Philippines broke sales record in the first half after it reached P35.1b, reflecting a 20% growth.

Moreover, sales at the Agro-Industrial and Commodities divisions climbed 15% to P19.4b. The company attributed the double-digit growth to higher selling prices. 

“Sugar and Renewables posted strong growth despite lower output caused by tighter cane supply in the country,” the report read in part. 

“Growth at the Agro-Industrial Group was driven by the Pet Foods business which continues to outperform and is set to hit all-time highs.”