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Manila Bulletin devider Business devider The Stock Market devider RFM bets on dairy growth, declares additional ₱300-million dividend

RFM bets on dairy growth, declares additional ₱300-million dividend

Published Jun 24, 2026 02:58 pm
Jose Ma. A. Concepcion III
Jose Ma. A. Concepcion III

Concepcion-led food and beverage firm RFM Corp. is confident of sustaining its first-quarter growth despite the impact of the Middle East conflict as it focuses on expanding its dairy business.

In a disclosure to the Philippine Stock Exchange (PSE) on Wednesday, June 24, RFM President and Chief Executive Officer (CEO) Jose Ma. A. Concepcion III said, “Our continued growth, healthy cash flows, and disciplined capital allocation allow us to reward shareholders while investing in the capabilities that will support long-term expansion.”

For 2026, RFM’s capital expenditures (capex) will remain focused on the continuing upgrade of its milk lines, supporting product quality, operating efficiency, and capacity enhancement in one of the company’s key growth categories.

The investment is expected to strengthen RFM’s branded dairy platform and help sustain momentum in ready-to-drink (RTD) and value-added milk products.

“RFM delivered a solid start to 2026, with first-quarter revenues rising 10 percent to ₱4.97 billion and net income increasing 10 percent to ₱341 million,” Concepcion said.

As a result, RFM has declared an additional ₱300-million cash dividend, bringing the firm’s total cash dividends declared in 2026 to ₱900 million, equivalent to approximately ₱0.2671 per share year-to-date, or a 4.9-percent yield based on a share price of ₱5.50.

The additional cash dividend is equivalent to ₱0.08903 per share, payable on July 31 to stockholders of record as of July 8, 2026.

Concepcion said the additional dividend reflects the company’s confidence in the strength of its business and balance sheet despite the after-effects of the Iran conflict.

RFM also announced board changes following its June 24 annual stockholders’ meeting (ASM) as part of its continuing board refresh and succession program.

Veteran business leader George T. Barcelon was elected independent director, succeeding Lilia R. Bautista, while Mary Elizabeth C. Santos was elected regular director, replacing John Marie A. Concepcion.

The company expressed its appreciation to Bautista for her years of service as independent director and for the governance, regulatory, and public-policy expertise she brought to the board.

A former chairperson of the Securities and Exchange Commission (SEC), Bautista made a meaningful contribution to strengthening the company’s governance framework.

RFM likewise thanked John Marie Concepcion for his longstanding contributions to the group, particularly in helping build Selecta into a leading ice cream business and in supporting the growth of the company’s consumer brands over the years.

Barcelon brings broad leadership experience across technology, manufacturing, and real estate. He is chairman emeritus of the Philippine Chamber of Commerce and Industry (PCCI), a past PCCI president, and also serves as an independent director of BDO Unibank Inc.

RFM said Barcelon’s appointment further strengthens the board’s governance and strategic oversight capabilities.

Santos is a seasoned business leader and corporate director with more than two decades of executive management experience across property, investments, retail, supply chain, and food franchise operations.

RFM said Santos’ appointment adds further depth to the board’s leadership and long-term strategic perspective. - James A. Loyola

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RFM Corporation Jose Ma. A. Concepcion III
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