Food and beverage giant RFM Corp. is forecasting a robust performance for 2024, bolstered by its branded consumer products and institutional businesses, according to CEO Jose Ma. A. Concepcion III. Preliminary figures suggest that total revenue will reach ₱22 billion, while net income is expected to grow double-digit of between ₱1.4 billion and ₱1.5 billion. This marks a potential 19 percent rise in net income from last year’s ₱1.26 billion, with revenue increasing by 6 percent from ₱20.68 billion in 2023.
Concepcion, who has been actively purchasing shares in the company this year, cited strong underlying demand for key RFM brands such as Fiesta and Royal pasta, which have been pivotal in driving 2024 sales. Additionally, increased orders from local government units for holiday gift baskets have further supported revenue growth. Despite market pressures, the company remains optimistic, with input price inflation kept at manageable levels so far.
“We’re confident that we can maintain the strong performance of RFM’s brands and businesses moving into 2025,” said Concepcion. “With a debt-free balance sheet, strong cash flow, and strategic investments, we’re poised for continued growth.”
In 2024, RFM completed several major capital expenditure programs, including the opening of a new bakery plant in Silang, Cavite, and the launch of new Selecta Milk production lines. Concepcion emphasized that RFM’s strong balance sheet enables consistent cash dividend payouts, with the company approving a ₱200 million dividend for shareholders, reflecting a yield of 10 percent based on its ₱3.87 share price at year-end.
This follows a total of ₱1.3 billion in cash dividends declared in 2024, a significant increase from ₱850 million the previous year. The company’s forward-looking pipeline includes new product innovations across its ice cream, pasta, and milk brands, promising organic growth in the near term.
RFM Corp. also holds a 50 percent stake in the Philippines’ leading ice cream business, which owns well-known brands like Selecta, Magnum, and Cornetto. With a diversified portfolio that includes the Royal and Fiesta pasta brands and Selecta Milk, RFM remains well-positioned to continue its growth trajectory into 2025 and beyond.
