Universal Robina Corporation (URC), the food and beverage unit of the Gokongwei Group, reported a 21 percent growth in net income to P4.4 billion in the first quarter of 2024 versus the same period last year due to higher operating income coupled with higher forex gains.

In a disclosure to the Philippine Stock Exchange, the firm said its core net income for the period was up eight percent from same quarter last year, above revenue growth.

“Amidst a cautious consumer sentiment and inflationary environment, we continue to deliver top and bottomline value by executing strategies to grow our core businesses, while expanding into new segments, categories, and geographies, and driving sustainable margin growth,” said URC President and CEO Irwin C. Lee.

He added that, “We look forward to more progress in 2024 as we increase investments for growth and deliver on our mission – to provide our consumers with good food and beverage choices for the years to come.”

URC posted sales of P42.6 billion for the three months ending March 31, 2024, up 7 percent from the same period last year, with higher sales volumes across all divisions driving strong growth.

Operating income for the first quarter grew faster than top line, increasing 16 percent against the same period last year to hit P5.4 billion.

Margins expanded versus last year and versus last quarter, on the back of scale benefits from increased volumes and favorable sales mix, coupled with cost saving initiatives and lower input costs.

Sales for the Branded Consumer Foods group, excluding Packaging, ended at P28.0 billion for the first quarter, growing 4 percent from the same period last year.
BCF Philippines grew 6 percent, delivering P19.1 billion in revenues. Volume growth was seen across the majority of categories, with strong Snacks, Bakery, and Ready- to-Drink beverages sales driving topline improvements.

On the other hand, BCF International closed the year at P8.9 billion in revenues, up 4 percent on constant currency and same in peso terms from year ago due to foreign exchange translation.

Revenue growth was seen across the region on market share gains, particularly Vietnam, Myanmar and Malaysia.

The Agro-Industrial & Commodities group delivered strong first quarter sales of P14.3 billion, up 15 percent from the same period last year. All divisions saw healthy volume growth, which offset lower selling prices for commodities.