URC posts P6.5 billion net income, record high sales in first half of 2022

ABS-CBN News

Posted at Jul 29 2022 04:09 PM

MANILA - Universal Robina Corp on Friday said its net income for the first half reached P6.5 billion, which is lower than the same period in 2021 due to the gains in sale of idle assets last year.

Its net sales, on the other hand, hit a record high of P71.1 billion in the first half, up 23 percent compared to the same period in the previous year, URC said in a disclosure to the stock exchange.

"We are very pleased to see the strong performance of the business as we exit the first half of 2022 with record high sales. We anticipate sales momentum to be maintained as consumer demand continues to be resilient across the region," URC president and CEP Irwin Lee said.

"At the same time, we are closely watching demand signals given the inflationary environment...We remain confident that we will be able to continue increasing our absolute profits as we couple strong topline growth with our reinforced cost savings initiatives," Lee added. 

URC said its financial position remains healthy with a cash balance of P13.3 billion. 

URCs portfolio includes Jack N' Jill, Nissin Cup Noodles and C2, among others.

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