MANILA, Philippines — Lower profits in its sugar and renewables business weighed down the performance of Gokongwei-led food and beverage firm Universal Robina Corp. (URC) in the nine months ending September.
URC recorded an 18-percent drop in its net income during the period to P8.02 billion from P9.74 billion last year.
“As we begin to see early signs of a resurgent Philippine shoppers 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,” URC president and CEO Irwin Lee said.
“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,” Lee said.
Core earnings for the three quarters declined by five percent year-on-year to P8.93 billion on the back of higher tax provisions and finance costs.
Net income from continuing operations stood at P9.2 billion, down by 11 percent from last year as the company recorded lower foreign exchange gains in the period.
The company reported lower profits in its sugar and renewables business as sugar prices continued easing this year against last year’s record highs.
URC’s sales, meanwhile, saw a one-percent improvement to P118.9 billion with volume-led growth tempered by product mix and foreign exchange.
Sales for the branded consumer foods group, excluding packaging and China, ended the nine-month period at P81.8 billion, up by two percent year-on-year.
URC said that all international business units posted volume and value growth as well as market share gains despite the weak consumer sentiment across the region.
For its agro-industrial and commodities group, revenue growth was impacted by the decline in hog feeds volumes as the country’s hog population continues to be affected by disease outbreaks.
Still, the agro-industrial and commodities group posted a two-percent increase in revenues to P36.2 billion as volume growth was offset by price adjustments across most businesses.