Universal Robina Corp., one of the country’s largest food companies, said Monday net profit last year was up 12 percent to P14.5 billion aided by higher sales, price increases, and cost savings.
Unaudited sales for 2022 jumped 28 percent to P149.9 billion while operating income increased 20 percent to P15.2 billion.
URC also showed strong financial position, with a healthy cash balance of P13.3 billion, net debt of P9 billion and a low gearing ratio of 0.20.
Sales of branded consumer foods was up 23 percent year-on-year to P73.6 billion. International business contributed P32.3 billion, up 46 percent on year. Meantime, sales of the agro-industrial and commodities division rose 26 percent to P42.1 billion.
Irwin Lee, URC president and chief executive officer, that the company’s strong performance in 2022 lifted results past pre-pandemic levels.
“The structural work we have done over the last few years has allowed us to capitalize on the growth opportunities from the reopening of the economy in 2022,” said Lee. “We will continue to execute our plans to keep our margin recovery on track. We remain confident that the strength of our portfolio of ‘Products and Brands that People Love’ will continue to drive growth into 2023 and beyond, as we stay true to our purpose of providing good food choices for consumers,” he added.
