MANILA - Universal Robina Corp on Tuesday said its net income grew 15 percent in 2020 to P11.6 billion despite the impact of the COVID-19 pandemic.

Although "contractions" were seen in the snack food and beverage categories, URC gained significant market share and "performed ahead of competition," it said in a disclosure to the stock exchange.

Higher net income is due to the higher operating income, lower debt, lower interest expenses and lower foreign exchange losses, URC said.

Net sales reached P133.1 billion, 1 percent lower compared to the previous year, it added.

"Consumption of our products are not likely to dissipate; in fact, the relevance of our categories in consumers' lives potentially increases as we adjust to changing consumer and shopper trends," URC president and CEO Irwin Lee said.

"As we look to the future and the new normal, we remain well-positioned for the long term to delight everyone with good food choices," Lee added.

Universal Robina is part of the Gokongwei Group.

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