RCU profit increases on asset sale – Manila Bulletin
Universal Robina Corporation, the food and beverage unit of JG Summit Holdings Inc., announced a 40% increase in net income attributable to 10.52 billion pesos for the first nine months of 2021 from 7 , 5 billion pesos earned during the same period last year. .
In a disclosure to the Philippine Stock Exchange, the company said its top pre-tax profits fell 5% to 10.29 billion pesos from the 10.83 billion pesos recorded in the same period of the year. last.
URC reported higher non-operating net income of 2.66 billion pesos in other income for the nine months of 2021, compared to 575 million pesos in other charges for the nine months of 2020 due to a gain on the sale of fixed assets this year.
The company recently sold its majority stake in Australian joint venture Unisnack ANZ to its minority partner The Intersnack Group, one of the largest manufacturers of savory snacks in Europe.
URC generated a consolidated sale of goods and services of 85.797 billion pesos for the nine months ended September 30, 2021, up 0.8% from the same period last year.
Sales of goods and services in URC’s branded consumer food (BCF) segment, excluding the packaging division, fell 2.5% to 60.37 billion pesos for nine months of 2021, compared to 61.9 billion pesos recorded during the same period last year.
BCF’s domestic operations recorded a 4.9% drop in net sales, dropping from 46.54 billion pesos for the nine months of 2020 to 44.24 billion pesos for the nine months of 2021, still driven by a high base fueled by pantry stock with Taal eruption and start of pandemic shifting household spending to pantry essentials.
The economic environment has also affected consumer behavior, as evidenced by the category drops.
BCF’s international operations recorded a 5.0% increase in net sales, from 15.36 billion pesos for the nine months of 2020 to 16.13 billion pesos for the nine months of 2021, thanks the strong sales momentum which continued in the third quarter with growth in the main markets compared to last year.
In constant US dollars (USD), sales grew 6.7% thanks to Indochina and Indonesia despite challenges from COVID.
Vietnam saw significant growth of 17.7 percent thanks to the recovery in beverage sales, especially C2, while Thailand recovered with sales growth of 8.2 percent thanks to a strong performance national.
BCF’s sales of goods and services, excluding the packaging division, represented 70.4% of total URC’s consolidated sales of goods and services for the nine months of 2021.
URC’s packaging division increased sales 37.8 percent to 1.19 billion pesos for the nine months of 2021, from 860 million pesos recorded in the same period last year due to best prices and large volumes.
Sales of the agro-industrial group (AIG) of URC amounted to 8.54 billion pesos for the nine months of 2021, a decrease of 7.4% from the 9.22 billion pesos recorded at the same period last year.
The Feeds activity recorded an increase of 1.1% while the Farms activity decreased by 42.4% due to the reduction in operations.
Sales of URC’s staple food group amounted to 15.71 billion pesos for the nine months of 2021, an increase of 19.7 percent from the 13.12 billion pesos reported for the same. period last year.
The sugar and renewable energies activity increased by 25.8% due to the increase in sugar and distillery volumes with the integration of the operations of La Carlota. The Flour business recorded an increase of 3.5% thanks to better prices and better volumes.
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