AgriNurture Inc. (ANI), the listed firm of agri-entrepreneur Antonio Tiu, reported a 26 percent growth in net profits to P40 million in the first quarter of 2021 compared to the same period last year on the back of strong sales of its food and beverage products.
In a disclosure to the Philippine Stock Exchange, ANI said its consolidated sale of goods and services amounted to P1.2 billion during the period under review, up 45 percent over the same quarter last year.
As a result, the company posted gross profits of P160.5 million, up one percent from P158.57 million a
year ago as revenue for both local and foreign operations increased despite the difficult business environment due to COVID-19.
ANI’s Philippine operations contributed 44 percent while sales from foreign operations accounted for 56 percent of consolidated sales.
By business segment, ANI’s export sales amounted to P438.82 million, 10 percent higher compared to the same period in 2020.
The increase was due to the stable selling prices of bananas and coco products in the international market, constant supply of raw materials and increased customer demand especially in the Chinese and US markets.
"The slight increase was due to logistical challenges in China because of the pandemic but sales increased significantly (both volumes and sales price) after the Chinese government lifted the lockdown. Also, sales for coco juice went up due to increasing demand in the United States of America during the period," ANI said.
Likewise, local sales grew by a whopping 173 percent to P93.35 million during the period from P34.23 million for the same period in 2020.
"Sales increased significantly especially during the start of the Enhanced Community Quarantine. Further, the Group launched its own e-commerce platform through its ANI Express website where customers can order fresh produce, canned beverages, rice and other essential goods for delivery to customers," the firm said.
Combined foreign trading operations posted an almost 81 percent increase in sales in the first quarter of 2021 to P663.35 million from P366.18 million in 2020 due to recovery post lockdown in Greater China Region.
Moving forward, ANI is launching new products such as the Plant Based Meat fit bites, Non Dairy Coconut Ice Cream and Big Chill Healthy Drinks in cans for local and export distribution which is expected to start to record double digit growth for the rest of the coming quarters.