Universal Robina Corp. (URC) posted profit of P11.6 billion in 2020, up 15 percent from P10.09 billion in 2019.
Sales reached P133.1 billion, down 1 percent from P134.44 billion.
URC saw market contractions in several snack food and beverage categories but gained significant market share and performed ahead of competition, the company said.
The company said operating income grew 7 percent at P16 billion, with improved margins, driven by “better cost management and favorable input prices, which offset brand building investments as well as COVID-19 related expenses to safeguard employees and support continuing operations.”
“URC’s financial position remains strong, with a cash balance of P18.9 billion and a low gearing ratio of 0.42. Net debt amounted to P22.1 billion, close to last year’s levels,” the company said.
URC said its branded consumer foods (BCF) posted sales of P103.6 billion, with domestic sales flat at P61.2 billion.
The company said growth in the snacks, noodles and other filler type categories were able to offset the decline of out-of-home consumption categories such as ready to drink beverages and candies.
The company was also able to increase its market share in key categories.
International sales were at P41.2 billion, 5 percent lower from last year in peso terms, but flat in local currency basis. URC said the growth in Oceania was able to offset the slower recovery of other Asean markets.
In the company’s agro-industrial and commodities business, sales reached P29.6 billion, up 7 percent.
“We are focused on better serving our consumers, our customers, and our communities.
Consumption of our products is not likely to dissipate; in fact, the relevance of our categories in consumers’ lives potentially increases as we adjust to changing consumer and shopper trends. As we look to the future and the new normal, we remain well-positioned for the long term to delight everyone with good food choices,” said Irwin Lee, URC president.