RFM Corp. is leaning into what it does best: steady earnings, strong cash flows, and rewarding shareholders.
RFM Chief Executive Officer Joey Concepcion III said the food manufacturer is on track to book P22.2 billion in full-year sales for 2025, up a modest 2 percent based on preliminary unaudited data. While topline growth remains muted, profitability is doing the heavy lifting, with net income seen climbing 14 percent year on year to P1.6 billion.
That profit strength is translating into real cash returns. RFM plans to distribute a total of P1.5 billion in cash dividends this year, including a P500 million payout scheduled for December 19. At RFM’s P4.61 share price as of December 12, the payout delivers a robust 10 percent dividend yield, putting the company among the market’s more generous income plays.
Concepcion credited the performance to resilient demand for RFM’s core brands—Selecta Milk, Selecta Ice Cream, Royal Pasta, and Fiesta Pasta—which continue to post healthy volumes. Still, 2025 sales momentum was tempered by softer flour prices and weather-related disruptions in Luzon that hit Magnum RFM Ice Cream Inc., the company’s ice cream joint venture.
Despite those headwinds, margins held firm. Volume growth in milk, pasta, and flour helped cushion rising input and labor costs following nationwide wage increases, underscoring RFM’s operational discipline.
The balance sheet adds to the appeal. RFM remains “very liquid,” with zero loans at the parent company level—an increasingly rare position in the consumer sector and a key reason it can sustain both dividends and expansion.
Concepcion said easing inflation and less volatile imported input costs could support household spending and reduce currency risks in 2026. Capacity expansions are in the pipeline for ice cream, pasta, and milk, aimed at meeting rising demand, he said.
“With a strong cash position and no parent-level debt, we can fund growth and maintain our dividend policy without stressing the balance sheet,” Concepcion said.
