Universal Robina Corporation (URC) posted sales of P42.6 billion for the three months ending 31 March 2024, up 7 percent versus the same period last year, with higher sales volumes across all divisions driving strong growth.
Operating income for the first quarter grew faster than top line, increasing 16 percent versus the same period last year to hit P5.4 billion. Margins expanded versus last year and versus last quarter, on the back of scale benefits from increased volumes and favorable sales mix, coupled with cost saving initiatives and lower input costs.
Net income was up 21 percent to P4.4 billion due to higher operating income and higher forex gains. Core net income for the period was up 8 percent versus same period last year, above revenue growth.
Sales of its branded consumer food (BCF) group, excluding packaging, ended at P28 billion for the first quarter, growing 4 percent versus the same period last year. BCF Philippines grew 6 percent, delivering P19.1 billion in revenue.
Volume growth was seen across the majority of categories, with strong snacks, bakery, and ready-to-drink beverages sales driving top line improvements.
BCF International closed the year at P8.9 billion in revenue, up 4 percent on constant currency and same in peso terms versus year ago due to foreign exchange translation. Revenue growth was seen across the region on market share gains, particularly Vietnam, Myanmar and Malaysia.
The Agro-Industrial and Commodities (AIC) group delivered strong first quarter sales of P14.3 billion, up 15 percent versus the same period last year. All divisions saw healthy volume growth, which offset lower selling prices for commodities.
Irwin Lee, URC president and CEO, said, “Amidst a cautious consumer sentiment and inflationary environment, we continue to deliver top and bottomline value by executing strategies to grow our core businesses, while expanding into new segments, categories, and geographies, and driving sustainable margin growth. We look forward to more progress in 2024 as we increase investments for growth and deliver on our mission – to provide our consumers with good food and beverage choices for the years to come.”
