Universal Robina Corporation, the food and beverage unit of the Gokongwei Group, reported a 15.7 percent growth in attributable net income to P3.47 billion in the first quarter of 2022 from the P3.01 billion earned in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said it registered P3.6 billion in net income from continuing operations, up 20 percent versus the same period last year.

It added that, “This performance was driven by resilient growth in operating income and foreign exchange gains for the quarter.”

Net sales of continuing operations rose 22 percent to a record P35.8 billion in the first quarter of the year, driven by the accelerating momentum of sales as its various business units delivered sterling performances across the board, as demand for its products improved amidst the retreat of the pandemic.

Operating income improved 5 percent to P4.1 billion increased as the company managed to grow the bottomline despite unprecedented cost pressures from spiking commodity prices, driven by global supply chain challenges and geopolitical tensions.

“We are heartened by the accelerating growth trajectory of the company, as the economy has opened up and consumers see a return to normalcy,” said URC President and CEO Irwin Lee.

He noted that, “On the cost side, we continued to face challenges from volatile global commodity prices, which we expect to remain choppy throughout the year.”

“Despite these headwinds, we will continue to serve our customers and consumers to the best of our abilities, staying agile and nimble through shifts in the market, and focus on our company’s purpose: to delight everyone with good food choices,” Lee added.

Sales of domestic and international branded consumer foods (BCF), including Packaging, amounted to P25.4 billion in the first quarter of 2022.

BCF Philippines recorded its highest monthly and quarterly sales in history as domestic revenues grew by 15 percent to close at P17.6 billion, as consumer demand improved on the back of the reopening of the economy.

International revenues hit P7.8 billion, up 41 percent versus last year, driven by the strong momentum of Indonesia, Thailand and Vietnam, and the consolidation of Munchy’s, its newest acquisition in Malaysia.

Sales of URC’s Agro-Industrial & Commodities (AIC) divisions totaled P10.3 billion, or a 21 percent increase versus last year as sugar and renewables and flour grew on the back of higher selling prices.

The Agro-Industrial Group hit double-digit growth on the recovery of feed volumes due to the country’s continuing hog repopulation, as well as record sales for its Pet Foods business.