Universal Robina Corporation Posted Sales of P42.6 Billion in Q12024, Up 7%

Universal Robina Corporation (URC) reported sales of P42.6 billion for the three months ended March 31, 2024, a 7% increase over the same time last year, with greater sales volumes across all divisions driving significant growth.

Operating income increased 16% year on year to P5.4 billion in the first quarter, outpacing top-line growth. Margins increased compared to last year and the previous quarter, owing to scale benefits from greater volumes and a better sales mix, as well as cost-cutting initiatives and reduced input costs. Net income increased by 21% to P4.4 billion due to higher operational income combined with higher foreign profits. Meanwhile, core net income increased by 8% compared to the same time last year, outpacing sales growth.

Sales Performance Per Business

Branded Consumer Foods (BCF)

​Sales for the BCF group, excluding packaging, totaled P28.0 billion in the first quarter, up 4% from the same period last year. BCF Philippines expanded by 6%, generating P19.1 billion in revenues. The majority of categories experienced volume growth, with strong sales in snacks, bakery, and ready-to-drink drinks driving topline improvement. BCF International's revenues for the year totaled P8.9 billion, up 4% in constant currency and the same in peso terms as the previous year due to foreign exchange translation. A revenue increase was recorded across the region due to market share gains, particularly in Vietnam, Myanmar, and Malaysia.

Agro-Industrial & Commodities (AIC)

​The Agro-Industrial & Commodities group reported robust first-quarter revenues of P14.3 billion, up 15% compared to the same period last year. All divisions experienced excellent volume growth, which helped to offset decreased commodity selling prices.

Irwin Lee, URC President and CEO, said, “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. 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.”

​Universal Robina Corporation (URC) is one of the largest branded consumer food and beverage product companies in the Philippines. The company has a significant, and growing presence in the ASEAN. It is among the Philippines' pioneers in the industry. It has been operating for over 50 years since Mr. John Gokongwei, Jr. established Universal Corn Products Inc. in 1954, a cornstarch manufacturing plant in Pasig City.

URC is engaged in an array of food-related businesses, including the production and distribution of branded consumer snack foods and beverages; commodities such as sugar and flour; and agro-industrial businesses mainly hogs, animal feed, and other related products.