URC earnings up 12% last year

MANILA, Philippines — Gokongwei-led Universal Robina Corp. (URC) recorded an unaudited net income of P14.5 billion last year, up 12 percent from 2021.

Operating income rose by 20 percent to P15.2 billion as the company hit record sales of P149.9 billion, 28 percent higher than the previous year.

In the fourth quarter alone, sales grew by 35 percent.

Irwin Lee, URC president and CEO said the company posted record performance across all business units, surging well above 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,” he said.

Moving forward, Lee said that the company would continue to keep its margin recovery on track.

Of the different business segments, sales of domestic and international branded consumer foods (BCF), excluding packaging, continued to accelerate achieving total year sales of P105.9 billion, up 29 percent.

The international business units performed strongly as well with total revenues, including Munchy’s, reaching P32.3 billion or 46 percent higher than last year.

For the agro-industrial and commodities (AIC), sales grew by 26 percent to P42.1 billion for 2022.

“The growth of the Agro-Industrial Group was driven by strong sales of feeds, with both the core animal feeds and the pet foods businesses performing well,” URC said.

This developed as the commodities group of flour, sugar, and renewables also posted growth in sales due to higher selling prices.

However, the segment recorded a double-digit decline in volumes due to supply challenges brought about by the global wheat market volatility, more severe typhoon impacts, and lower milling outputs.