URC reports higher net income amid pandemic
Universal Robina Corporation (URC) said its net income surged by 76 percent to P3.8 billion in the second quarter of the year, on the back of strong operating performance and foreign exchange gains.
In a statement, URC said its operating income grew by 16 percent to P4.3 billion as compared to last year, driven by positive category mix and disciplined cost control amid the pandemic.
Despite the prevailing coronavirus disease 2019 (Covid-19) situation, net sales reached PHP34 billion, up 1 percent versus last year, as strong growth in snack foods, noodles, powdered drinks, animal feeds, flour, and sugar offset out-of-home consumption declines in candies and ready-to-drink (RTD) beverages.
In the first semester, net income grew by 13 percent to PHP6 billion, driven by operating income and lower foreign exchange losses.
Net sales continued to hold up at PHP67.4 billion, with better-than-expected delivery coming from the divisions of Branded Consumer Foods Philippines; Agro-Industrial & Commodities; and the Unisnack Oceania and Nissin-URC joint ventures.
URC said first-semester sales of domestic and international branded consumer foods reached PHP50.9 billion.
The agro-industrial and commodities businesses continue to be a relevant and consistent contributor to total URC, with sales increasing by 13 percent to PHP16.5 billion in the first half of 2020.
Irwin Lee, URC president and chief executive officer, said “the current uncertainty driven by Covid-19 is still evolving but we are motivated by the fact that business results in the first half turned out better than our severe lockdown forecasts. While we have business continuity plans quickly set in motion, we were bracing for the worst due to quarantine restrictions, supply chain disruptions and fast demand shifts.”
Lee said while the company may have weathered the first wave of this crisis, “we must continue securing the here and now, while also preparing for the recovery efforts for the balance of the year and beyond.”
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