Gokongwei family’s URC posts fatter profits in Q3 but not enough to puff up nine-month results

Universal Robina Corp. , the food manufacturing arm of the bilyonaryo Gokongwei Group, reported a 13.4 percent drop in its nine-month earnings to P9.72 billion.

The decline was due largely to a sale of assets booked in 2021.

Core net income (excluding one-offs) rose nine percent.

Operating income climbed by 10 percent to P10.8 billion on higher sales volumes, programmed price increases, and successful cost-containing measures.

Sales of domestic branded consumer foods (BCF) continued to break sales records, once again posting its highest monthly and quarterly sales in history for the third consecutive quarter.

Revenues grew 22 percent to P54 billion, with most categories exhibiting strong growth.

Revenues from BCF International jumped 51 percent to P24.4 billion.

URC president and CEO Irwin Lee said he would “continue to execute plans to keep margin recovery on track despite the challenging conditions.

“We remain confident that the strength of our core products, along with our successful new launches, will continue to provide value for our consumers and drive growth into 2023 and beyond.”