URC Q1 profits surge on record sales

In a disclosure to the Philippine Stock Exchange, the firm said it registered P3.6 billion in net income from continuing operations, up 20 percent versus the same period last year.It added that, “This performance was driven by resilient growth in operating income and foreign exchange gains for the quarter.”

Operating income improved 5 percent to P4.1 billion increased as the company managed to grow the bottomline despite unprecedented cost pressures from spiking commodity prices, driven by global supply chain challenges and geopolitical tensions.“We are heartened by the accelerating growth trajectory of the company, as the economy has opened up and consumers see a return to normalcy,” said URC President and CEO Irwin Lee.

“Despite these headwinds, we will continue to serve our customers and consumers to the best of our abilities, staying agile and nimble through shifts in the market, and focus on our company’s purpose: to delight everyone with good food choices,” Lee added. BCF Philippines recorded its highest monthly and quarterly sales in history as domestic revenues grew by 15 percent to close at P17.6 billion, as consumer demand improved on the back of the reopening of the economy.

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