RFM Corp., the Concepcion family-led food and beverage conglomerate, reported a 12 percent rise in net income to P1.4 billion in 2024, up from P1.26 billion the previous year, on the back of steady revenue growth and strong performance in key product segments.
Full-year revenue climbed 5 percent to P21.7 billion, compared to P20.68 billion in 2023, according to RFM CEO Joey Concepcion. The upward trend continued in the first quarter of 2025, with sales rising 3 percent to P4.5 billion, while net income surged 53 percent to P309 million from P202 million year-on-year.
Concepcion attributed the strong earnings performance to the company’s core food segments—particularly pasta, milk, and flour—as well as the solid contribution of Unilever RFM Ice Cream Inc., a local joint venture with Unilever that markets the leading Selecta, Cornetto, and Magnum brands in the country.
“The ice cream business continues to be a significant contributor to our bottom line,” said Concepcion, who also chairs the board of the domestic joint venture. The venture is led operationally by CEO Vincent Baltazar.
On the global spin off of Unilever’s ice cream business, Concepcion said this development will enhance its own growth by allowing the business to operate as an independent and more agile entity.
“Ice cream has distinct business characteristics… and as a standalone, more focused business, it will have the flexibility to grow and execute a distinct strategy,” he said, noting there will be no immediate operational changes in the Philippines, where the ice cream business is already separately managed under the joint venture structure.
Looking ahead, RFM is targeting mid- to high-single-digit growth in both revenue and income this year, banking on continued momentum across its food portfolio, including ice cream, milk, pasta, flour, breads, and mixes.
In line with its commitment to shareholder returns, RFM’s board approved a P200 million cash dividend, or P0.05936 per share, payable on May 26 to shareholders on record as of April 29. This follows a similar dividend payout earlier this year, bringing total 2025 dividends to P400 million.
The company distributed a record P1.3 billion in dividends in 2024, up from P850 million in 2023, translating to a 10 percent dividend yield based on its year-end share price of P3.87.
