Philippines' URC profit down 12% YoY to $230.1m in 2023

The company attributed the decline to higher comparables from a land sale. 

Philippines-based consumer food and beverage products firm Universal Robina Corporation (URC) net income declined by 12% year-on-year (YoY) to $230.14 (PHP12.8b) in 2023 due to higher comparables from a land sale.

This is despite a 6% increase in core net income to $226.8m (PHP12.6b), driven by operating income growth despite higher interest rates, it said in a disclosure.

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URC’s operating income grew by 14% YoY to $312.8m (PHP17.4b) outpacing topline growth, driven by strategic pricing and operational efficiencies, resulting in an expansion of operating margins to 11%.

Meanwhile, its revenue was up by 6% YoY to $2.8b (PHP158.4b), with both the Branded Consumer Foods and Agro-Industrial & Commodities segments showing sequential growth.