Universal Robina Corp. (URC) said profit in the first nine months of the year declined by 11.2 percent to P9.35 billion compared to last year’s P10.52 billion, attributable to the high cost of doing business.
Sales reached P107.87 billion, up 26 percent from P85.8 billion a year ago.
“Sales in the third quarter posted growth of 32 percent compared to the third quarter last year, on the back of the strong reopening momentum from economies around the region,” the company said in a regulatory filing.
URC reported sales in its branded consumer products grew 30 percent for the period at P78.4 billion.
Philippine sales “continued to break sales records” hitting P54 billion, up 22 percent from last year, it added.
“Most categories exhibited strong growth, with strong sales offtake and healthy inventory levels seen in the trade,” the company said.
URC’s international sales for branded products surged 51 percent to P24.4 billion.
Its commodity and agro-industrial business, meanwhile, posted sales of P28 billion, up 15 percent.
The business recorded growth in its feeds, flour, sugar and renewables businesses.
“We are delighted by the continued growth momentum over the last nine months. We will continue to execute our plans to keep our margin recovery on track despite the challenges on all fronts, notably inflationary pressures from volatile commodity costs and the strength of the US dollar,” said Irwin Lee, URC president.
“We remain confident that the strength of our core products, along with our successful new launches, will continue to provide value for our consumers and drive growth into 2023 and beyond,” Lee added. – Ruelle Castro
