Gokongwei-led food and beverage maker Universal Robina Corp. (URC) saw a double-digit growth in its bottom line in the first nine months of 2021.
In a disclosure to the Philippine Stock Exchange, URC reported a net income of P11.2 billion, up 38% from P8.1 billion posted in the January to September 2020 period.
The company said the growth “driven by continuing benefits from the Comprehensive Recovery and Tax Incentives for Enterprises (CREATE) Act and gain on sale of idle land.”
The CREATE law reduced the corporate income tax from 30% to 25%.
URC’s sales for the nine-month period stood at P102.6 billion, up 3% year-on-year “in spite of COVID related constraints in key markets affecting consumer demand.”
The company also disclosed the completion of its divestment of its Oceania business, with the transaction closing on October 29, 2021.
URC said it expects to realize an additional one-time gain in 2021 of approximately $250 million for the sale.
“We find ourselves in unprecedented times, challenged on all fronts, with muted market conditions and immense cost pressures. However, we continue to meet these challenges head-on, backed by strong brands that provide value to our consumers, and the strength and resilience of our employees and partners,” said URC president and CEO Irwin Lee.
“As the vaccination rollout across the region speeds up, it is only a matter of time before consumer sentiment improves and we resume our strong growth trajectory,” Lee said. — VBL, GMA News
Universal Robina s net income for Jan-Sept period rises 38% to P11.2B
Source: News Panda Philippines
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