MANILA, Philippines — Listed food and beverage company RFM Corp. ended 2024 on a high note, with double-digit growth seen in its full year profit on the back of robust sales performance from branded consumer and institutional businesses.
RFM said that its income for 2024 is trending to grow by double-digit to the P1.4 billion to P1.5 billion range based on preliminary and unaudited figures.
The company said that revenues, meanwhile, are on track to hit P22 billion.
In 2023, RFM registered a net income of P1.27 billion from P20.7 billion revenues.
RFM CEO Jose Ma. Concepcion III said strong consumer demand for the company’s Fiesta and Royal pasta products as well as the purchases of local government units for their Christmas baskets for constituents buoyed 2024 sales.
Concepcion said that RFM has no debts and has a strong balance sheet, enabling its steady declaration of cash dividends.
RFM’s board yesterday approved a P200 million cash dividend or P0.05936 per share payable on Feb. 18, with record date as of Jan. 22.
RFM said the declared cash dividend is one of the tranches to pay out its yearly cash dividend policy based on recurring net income.
For 2025, Concepcion expects to sustain the strong performance of RFM’s brands and businesses with input price inflation within reasonable levels so far.
“We have also completed some big capex (capital expenditure) in 2024 like the new Silang, Cavite bakery plant and new Selecta Milk lines and will just be on the lookout for opportunities to grow our businesses,” Concepcion said.
“Nevertheless, our pipeline of new products is quite packed for our ice cream, pasta and milk brands which will ensure organic growth for RFM in the near term,” he said.
RFM owns 50 percent of the leading ice cream company in the Philippines that sells Selecta, Magnum and Cornetto brand as well as the leading pasta brands Royal and Fiesta pasta and sauces. It also owns the Selecta Milk and White King mixes brands.
The company’s institutional segment primarily manufactures and sells flour, bakery and other bakery products to institutional customers, while the consumer segment manufactures and sells ice cream, milk, juices, pasta products and flour- and rice-based mixes.