AgriNurture earnings up to P1.2 billion in January-September

MANILA, Philippines — AgriNurture Inc. (ANI), the listed agro-commercial company of businessman Antonio Tiu reported a consolidated net profit of P1.2 billion in the nine months to September, up 200 percent from P389.73 million a year ago.

ANI recognized fair value gain on valuation of investment property amounting to P955.92 million.

In a disclosure yesterday, ANI said it generated consolidated sales of goods and services of P3.62 billion during the period, 21 percent higher than the previous year.

Philippine operations contributed 47 percent, while sales from foreign operations accounted for 53 percent of consolidated sales.

Local distribution sales increased by 120 percent to P490.79 million.

Despite the increase in raw material and logistic costs, recurring operating profit rose 57 percent to P70.6 million in the third quarter, mainly due to savings from continuous general and administrative expenses.

Moving forward, ANI is launching new products such as plant based meat under brand name Fit Bites, Non Dairy Coconut Ice Cream, Big Chill Healthy Drinks and Tully’s Coffee in cans for local and export distribution, which are expected to trigger high growth next year.

As an agro-commercial company, ANI exports local fruits and vegetables to the Asia Pacific region, Europe, and North America.  It  also has commercial activities in China, Hong Kong, and Australia, with gross revenues of close to $100 million in 2020 despite the pandemic.