Agrinurture Inc. reported its profit in the first nine months of the year grew 32 percent to P107.31 million, from P81.29 million a year ago.
Sales more than doubled to P3.42 billion from P1.55 billion last year, with the company’s Philippine operations contributing 49 percent of total sales.
Agrinurture said the stable selling prices of banana and coco juice in the international market, the constant supply of raw materials and the increase in demand of customers especially in the Chinese market led its export to hit P1.49 billion, up 413.06 percent from last year.
“The group is expected to continue increasing its sales volume of banana in the succeeding quarters, on top of increased volume in shipments for mango and beverage products such as canned coconut water because of big potential of clients in the United States,” it said.
Local distribution sales meanwhile rose 7.11 percent to P102.44 million, from P95.64 million in 2018.
“With the approval of Rice Liberalization Law, Agrinurture has intensified its efforts to capture the local market to distribute imported rice. The group already has continued its rice distribution to local customers starting June 2019,” it said.
“Also, its distribution channel continues to gain profits from vegetable distribution operation in supermarket outlets during the period,” the company added.
Retail and franchising sales climbed 5.48 percent to P73.69 million from P69.86 million in the third quarter alone, despite closing some sub-performing outlets in the third and last quarter of 2018.