AgriNurture earnings drop to P26 M in 2018

MANILA, Philippines — Listed agriculture trading firm AgriNurture Inc. (ANI) saw its net income plummet to P25.7 million last year from P191 million despite higher revenues.

In a regulatory filing, ANI said consolidated sales of goods and services jumped 83 percent to P3.84 billion while gross profit inched up a to P712 million.

The drop in net income was attributed to the 68 percent drop in local distribution sales to P148 million due to the temporary halt of the rice trading business pending the approval of the rice liberalization law.

Export sales surged 722 percent to P628 million on increased supply of bananas, higher demand from the Chinese market and stable selling price in the global market.

Foreign trading operations contributed 77 percent or P2.97 billion of the consolidated sales while local operations accounted for the remaining 23 percent.

Meanwhile, retail and franchising sales declined by 34 percent to P88 million due to rationalization of backroom and store operations and the closing of some sub-performing outlets.

ANI said it would continue to expand its core business and increase coverage in the distribution, retail and export sales channels while its retail arm is expanding the franchise network overseas.

The company is involved in various agro-commercial businesses focusing on trading of grains and fresh produce in the Philippines and export markets.

ANI supplies other home-grown fruits such as banana, pineapple, mango, processed fruits such as frozen fruits and coconut water to HongKong, China, Australia and Europe among others.