AgriNurture profit jumps 50% to P71 M
MANILA, Philippines — AgriNurture Inc., the listed firm chaired by businessman Antonio Tiu, reported a nearly 50 percent jump in net income to P70.72 million in the first half.
In a disclosure to the Philippine Stock Exchange, AgriNurture said consolidated sales of goods and services amounted to P2.4 billion, almost three times higher than the P846.31 million registered in the same period last year.
Of the different businesses, the Philippine operations contributed 47 percent, while sales from foreign operations accounted for 53 percent of consolidated sales.
Local distribution sales grew 29.45 percent to P62.15 million, mainly due to improvement in operations, ANI said in its disclosure.
The group’s export sales, meanwhile, surged to P1.01 billion. Moving forward, the group is expected to continue increasing its shipments of banana, mango and beverage products.
ANI expects to increase its sales volumes in the last two quarters of 2019 with the approval of the Rice Liberalization Law which allows ANI to import rice.
Its subsidiary The Big Chill Inc., meanwhile, is on track with its plans to go public this year.
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