Universal Robina Corp., the food arm of the Gokongwei Group, saw net income decline 13 percent last year to P12.2 billion, hurt by a weaker peso and a 2022 income base that was lifted by a one-off gain from the sale of land.
Operating income reached P17.4 billion, an increase 14 percent—more than double the pace of revenue growth—on higher earnings before interest and taxes margins rose to 11 percent on price increases, better product mix and significant savings from operations.
URC said total revenues rose 6 percent to P158.4 billion on the back of higher volume and value expansion of its agro-industrial division, gains from international business and growth in most of its domestic categories.
The listed food company is currently developing a 31-hectare property in Malvar, Batangas to house its state-of-the-art production facilities.
It is also building its pet food business, whose growth is anchored on its flagship Top Breed brand and the newly-launched Top Cat. URC has seen compounded average growth rate of 40 percent since the early years of its pet food business.
