Vitarich Posts Biggest Income In H1

Vitarich Corporation (PSE:VITA) reported first-half 2021 net income of P276.9 million and earnings per share of P0.091, an increase of 24 times over the same period last year and the highest level in company history.

Photo Insert: This is the highest income recorded in the history of Vitarich.

The historic performance was fueled by growing customer demand and increased pricing along with lower costs of raw materials and more efficient production from higher plant capacity utilization.

Revenues reached P4.4 billion, up 15% from the same period last year with all product categories delivering solid momentum, particularly the Foods segment. Operating income climbed to P382.0 million, up by almost nine-fold from a year ago.

The progress reflects the company’s multi-year plan to scale up and improve efficiency, with operating expenses now at 6% of total revenues from 10% for the same period in 2016.

VITA CEO Rocco Sarmiento commented: “I would like to thank our team for their continued commitment and resilience to meet customer needs and focus on execution. In the five years since our turnaround and corporate rehabilitation exit in 2016, VITA has consistently restored profitability, while investing in manufacturing facilities, and research and technology development. Likewise, we expect to spend P330 million for capital expenditures this year."

WEEKLY FEATURE : PAL READY TO SOAR WITH PANDEMIC