Gokongwei-led food manufacturer Universal Robina Corp. (URC) saw its bottom line more than double last year, primarily due to a one-time gain from the sale of its Oceania business.
In a disclosure to the Philippine Stock Exchange, URC reported a net income of P24.3 billion, up 109% from P11.6 billion posted in 2020.
The company said the sale of its Oceania business “provided an opportunity for URC to monetize the efficiencies and synergies it created in Australia and New Zealand, while reinvesting into higher-growth core markets such as the recently acquired Munchy’s business in Malaysia.”
URC earlier disclosed that it expected to realize a one-time gain in 2021 of $250 million from the completion of its divestment of its Oceania business.
Sales, excluding Oceania, posted a growth of 3% for the full year to reach P117 billion, “with continuing limitations on mobility, consumer sentiment and supply chain disruptions from the second year of the COVID-19 pandemic, especially the Delta variant wave,” URC said.
“Coming through two years of the COVID-19 pandemic, URC remained strong – maintaining our leading positions in key markets and categories, continuing our innovation pipeline, becoming preferred partner of choice to customers and suppliers, step changing product supply chain transformation, and accelerating a people and planet friendly culture,” said URC president and CEO Irwin Lee.
“While the challenges and uncertainties of hyper cost inflation, global climate and political turbulence persist, our growth momentum and organizational commitment to excellence give us cause for optimism in 2022. We will continue to invest in our brands, build channel strength, make future bets in attractive white spaces, and operate efficiently and sustainably, all towards future-proofing our growth. URC remains strong today, and will be stronger tomorrow,” he added. — VBL, GMA News
URC net income up 109% in 2021
Source: News Panda Philippines
About admin
0 comentários :
Post a Comment