Universal Robina Corporation (URC) reported a significant 9% increase in sales, reaching Php 117.6 billion in the first nine months of 2023, despite economic challenges like high inflation. The third quarter alone saw a 6% rise in sales, largely driven by the company’s agro-industrial and commodities business.
The operating income for the nine months showed a robust 17% growth, ending at Php 12.6 billion, with a notable 19% increase in the third quarter. URC’s net income also grew by 6% to Php 10.3 billion, influenced by previous forex gains and rising finance costs. The company’s core net income rose by 11% in the nine months, and 12% in the third quarter.
URC maintains a strong financial position, with a cash balance of Php11.3 billion and a low gearing ratio of 0.22. The Branded Consumer Foods segment grew by 3%, reaching Php 81.1 billion, while the Agro-Industrial & Commodities divisions saw a 27% increase in sales.
URC President and CEO Irwin Lee emphasized the company’s focus on profitability and sales momentum, aiming to drive growth and create stakeholder value through reinvestments in brand building and supply chain improvements.
This story was first published by PhilippinesToday.ph