Universal Robina Corporation Sustains Double-Digit Profit Growth in 9M24

​Universal Robina Corporation (URC) reported sales of P118.9 billion for the nine months ending September 30, 2024, up 1% vs. the same period last year, with volume-led growth tempered by product mix and forex.

Total operating income was at P12.3 billion, behind by 3% vs. the same period last year. The company reported lower profits in its Sugar and Renewables business as sugar prices continued easing in 2024 against last year’s record highs. Net of its commodities businesses, URC sustained its double digit growth trajectory, recording an increase in operating income of 22% vs. last year, as easing commodity costs and optimization initiatives supported the company’s margin expansion. Net income from continuing operations was reported at P9.2 billion, down 11% against last year, as the company recorded lower forex gains in the period. Core net income for the period was down 5%, driven by higher tax provisions and finance costs.

Sales Performance per Business

Branded Consumer Foods (BCF)

Sales for the BCF group, excluding Packaging and China, ended at P81.8 billion for the first nine months of the year, up 2% vs. the same period last year. BCF Philippines delivered P55.9 billion in sales, flat vs. the same period last year, as the continued strong momentum of RTD Beverages and Bakery was able to offset declines in Coffee and Confectionery. Volume-led growth was impacted by product mix; the company sold more lower-value products, as consumers continued to prioritize value for money offerings. BCF International closed the first nine months of the year at P25.9 billion on constant currency basis, up 9% vs. same period last year. All international business units posted volume and value growth as well as market share gains, despite the weak consumer sentiment across the region.

Agro-Industrial & Commodities (AIC)

The Agro-Industrial & Commodities group recorded P36.2 billion in revenues, up 2% vs. the same period last year, as volume growth was offset by price adjustments across most businesses. Revenue growth wasimpacted by the decline in hog feeds volumes, as the country’s hog population continues to be affected by disease outbreaks.

Irwin Lee, URC President and CEO, said, “As we begin to see early signs of a resurgent Philippine shopper in 2025, we will continue to offer the best value to our consumers through our wide portfolio of quality brands, while delivering the best value to our stakeholders by sustaining the company’s strong performance. We will continue providing accessible choices to everyone across price points and trade channels, as we believe that everyone deserves to be delighted with good food choices.”
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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.