MANILA, Philippines — Antonio Tiu-led listed agri firm AgriNurture Inc. (ANI) will boost its new product offerings to post double digit growth for the rest of the year.
These new products include the plant-based meat fit bites, non-dairy coconut ice cream and Big Chill healthy drinks in cans for local and export distribution.
ANI reported a net profit of over P40 million in the first quarter, up 26 percent from a year ago on sales of its food and beverage products.
Consolidated sale of goods and services rose 45 percent to P1.2 billion while gross profit slightly went up to P160.5 million as local and foreign operations sustained revenue growth despite the difficult business environment due to COVID-19.
ANI’s Philippine business contributed 44 percent while the foreign business accounted for 56 percent of consolidated sales.
Export sales amounted to P438.82 million, 10 percent higher than the previous year as selling prices of bananas and coco products in the international market remained stable. Demand from Chinese and US markets increased.
“The slight increase was due to logistical challenges in China because of the pandemic, but sales increased significantly (both volumes and sales price) after the Chinese government lifted the lockdown. Also, sales for coco juice went up due to increasing demand in the US,” ANI said.
Local sales jumped by 173 percent to P93.35 million.
“Sales increased significantly, especially during the start of the enhanced community quarantine. The group launched its own e-commerce platform through its ANI Express website where customers can order fresh produce, canned beverages, rice and other essential goods for delivery to customers,” ANI said.