AgriNurture earnings jump to P40 million

MANILA, Philippines — AgriNurture Inc. (ANI) registered a 26.36 percent increase in its consolidated profit in the first quarter to P40.07 million, driven by higher sales in its foreign and local operations.

“The increase was due to significant increase in revenue and decrease in operating expenses both for local and foreign operation,” ANI said in a disclosure to the Philippine Stock Exchange.

Total revenues amounted to P1.2 billion, up 45 percent from the same period a year ago.

Revenues from the company’s foreign operations, which accounted for 56 percent of the total, grew 81 percent to P663 million.

Similarly, revenues from Philippine operations grew to P438.8 million from P398.9 million a year before.

“Due to the stable selling prices of banana and coco juice in the international market, constant supply of raw materials and increase in demand of customers especially in the Chinese market, the group’s export sales resulted in P438.82 million, 10 percent higher than the same period in 2020,” the company said.
Sales for coco juice went up due to higher demand in the US.

Local distribution sales also increased by 173 percent to P93.35 million.

In contrast, retail and franchising sales declined by 77 percent to P6.39 million.

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