URC net income jumps 109 percent to P24.3 billion in 2021

ABS-CBN News

Posted at Mar 07 2022 10:36 AM

MANILA - Universal Robina Corp on Monday said it posted a net income of P24.3 billion in 2021 mainly driven by the gain from the sale of its Oceania business.

The total of 109 percent higher compared to the previous year, URC said in a disclosure to the stock exchange. 

Gokongwei's URC exited its snack business in the Oceania region in 2021. It said it reinvested into "high-growth core markets" and recently acquired Munchy's business in Malaysia.

Sales grew 3 percent for the full year to P117 billion despite the imposition of stricter mobility restrictions several times in the year as well supply chain disruptions, it said.

"While the challenges and uncertainties of hyper cost inflation, global climate and political turbulence persist, our growth momentum and organizational commitment to excellence give us cause for optimism in 2022," URC president and CEO Irwin Lee said.

"We will continue to invest in our brands, build channel strength, make future bets in attractive white spaces and operate efficiently and sustainably, all towards future-proofing our growth," he added.

URC in November said it would acquire Crunchy Foods Sdn Bhd, the company that owns Munchy Food Industries, for P22.9 billion.

RELATED VIDEO:

Watch more News on iWantTFC