RFM Corp. is optimistic it closed 2024 with a profit of around P1.4 billion to P1.5 billion.
The Concepcion-controlled food group told regulators preliminary numbers for last year point to a “better full year performance from branded consumer and institutional businesses in both sales and income.”
Revenues are expected to hit P22 billion, the company said.
Jose Ma. Concepcion III, RFM chief executive officer, said the company noted a strong underlying consumer demand for RFM’s Fiesta and Royal pasta products that buoyed 2024 sales on top of the purchases of local government units for their Christmas baskets for constituents.
Concepcion also said the company expects to “sustain the strong performance of RFM’s brands and businesses with input price inflation within reasonable levels so far.”
“RFM has no debts and has a strong balance sheet that enable our steady declaration of cash dividends. We have also completed some big capex in 2024 like the new Silang, Cavite bakery plant and new Selecta Milk lines and will just be on the lookout for opportunities to grow our businesses. Nevertheless, our pipeline of new products is quite packed for our ice cream, pasta and milk brands which will ensure organic growth for RFM in the near term,” he added.
RFM’s board of directors meanwhile has approved a P200 million cash dividend payable on Feb. 18, 2025, with record date of Jan. 22, 2025. This translates to a per share dividend pay of P0.05936 apiece.
RFM declared a total of P1.3 billion in cash dividends in 2024, up from P850 million the prior year.
“At a share price of P3.87 at end 2024, RFM’s 2024 dividend yield is 10 percent,” the company said.
