URC Nets P11.2 billion

Universal Robina Corporation (URC) recorded a net income of Php11.2 billion in the nine months of the calendar year 2021 ending September.

Photo Insert: URC brands

This is 38% higher versus results for the same period last year, driven by continuing benefits from the Comprehensive Recovery and Tax Incentives for Enterprises (CREATE) Act and gain on sale of idle land.

URC sales for the nine months ending September 30, 2021, posted growth of 3% to reach Php102.6 billion in spite of COVID-related constraints in key markets affecting consumer demand.

Operating income, on the other hand, continues to be challenged by higher input costs and production inefficiencies brought about by COVID-related supply disruptions in several markets. However, higher pricing and cost savings initiatives helped reduce the impact on margins.

In addition, URC disclosed the completion of the divestment of its Oceania business, with the transaction closing on October 29, 2021. URC expects to realize an additional one-time gain in 2021 of approximately US$250 million for this sale.

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