URC Reports Strong Sales And Net Income Growth In 1st Quarter Of 2024

Universal Robina Corporation (URC), a prominent player in the branded consumer foods industry, announced impressive sales and net income figures for the first quarter of 2024.

URC's sales were particularly driven by the Snacks, Bakery, and Ready-to-Drink beverages categories. I Photo: Universal Robina Corporation Facebook

URC reported sales totaling PHP42.6 billion for the quarter, marking a 7% increase compared to the same period last year. The company also saw its net income surge by 21% to PHP4.4 billion, with operating income reaching PHP5.4 billion, up by 16% from last year.

The growth in sales was attributed to the Branded Consumer Foods (BCF) group, which recorded a 4% increase to PHP28 billion.

Sales were particularly driven by the Snacks, Bakery, and Ready-to-Drink beverages categories.

Additionally, the Agro-Industrial & Commodities (AIC) group, covering various divisions such as Agro-industrial, Sugar and Renewables, and Flour and Pasta, reported strong sales of PHP14.3 billion, reflecting a 15% increase from the same period last year.

Irwin Lee, President and CEO of URC, expressed satisfaction with the company's performance despite challenges in consumer sentiment and an inflationary environment.

He highlighted URC's focus on growing core businesses, expanding into new segments and geographies, and driving sustainable margin growth.

Looking ahead, Lee emphasized URC's commitment to increasing investments for growth and providing consumers with high-quality food and beverage options in the years to come.