Universal Robina Corp., the food company of the Gokongwei Group, reported audited net profit in 2022 of PHP13.96 billion, down 40% from the PHP23.32 billion posted in the previous year that included divestment gains.
URC recognized a gain of PHP11.28 billion in 2021 from its divestment of the Oceania business.
The company, which manufactures and sells, among others, branded food products, instant noodles, chocolates, candies, flour and corn chips, recorded sales of P149.9 billion last year, up 28 percent year-on-year on. Brand food products accounted for P105.94 billion while the agro-industrial and commodities group added P42.14 billion.
Cost of sales rose 33 percent on year to P110.69 billion due to higher volume and increased cost of input such as raw and packaging materials.
URC operating income increased 20 percent to P15.22 billion.
Income tax increased to P3.00 billion in 2022 from P1..58 billion due to higher taxable income from the sale of properties.
