AgriNurture triples profit to P1.2 B
AgriNurture Inc. (ANI), the listed agro-commercial company of businessman Antonio Tiu, more than tripled its consolidated net profit to P1.2 billion in the first nine months of 2021 from the P389.73 million earned in the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm said it recognized fair value gain on valuation of investment property amounting to P955.92 million.
ANI said it generated consolidated sales of goods and services of P3.62 billion for the nine months to September, up 21 percent over the same period last year.
Philippine operations contributed 47 percent while sales from foreign operations accounted for 53 percent of consolidated sales.
Local distribution sales posted an increase of 120 percent to P490.79 million for the nine months ended September 30, 2021 from P223.52 million for the same period in 2020.
Despite the increase in raw material and logistic costs, recurring operating profit rose 57 percent to P70.6 million in the third quarter from P45 million a year ago, mainly due to savings from continuous general and administrative expenses.
Moving forward, ANI is launching new products such as Plant Based Meat under brand name Fit Bites, Non Dairy Coconut Ice Cream, Big Chill Healthy Drinks and Tully’s Coffee in cans for local and export distribution which is expected to trigger high growth next year.
As an agro-commercial company, ANI exports local fruits and vegetables to the Asia Pacific region, Europe, and North America.
The company also has commercial activities in China, Hong Kong, and Australia with gross revenues of close to $100 million in 2020 despite the pandemic.