News – PH – Universal Robina Beats Pandemic Drought as Profits Soar 15% in 2020

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The snack giant Universal Robina Corporation (URC) ended 2020 with a favorable result, contrary to the chances of the coronavirus pandemic

In a message to the local stock exchange on Tuesday, April 2, March, URC said net income was up 15% to P11 billion, due to “operating income growth, lower debt and interest expenses and lower foreign exchange losses”

“Better” cost management and favorable input prices, according to the company run by Gokongwei, meant that, despite the costs of brand building and COVID-19 initiatives, operating profit rose 7% year-on-year to 16 billion Pesetas rose

Domestic branded consumer groceries remained unchanged at P612 billion as Filipinos bought snacks and noodles via ready-made products, but international sales were 5% lower at P412 billion due to a slower recovery in the Southeast Asian market

URC makes and sells popular snacks such as Chippy and Chiz Curls, Nissin Cup Noodles, and Blend 45 coffee

“Consumption of our products is unlikely to go away In fact, our categories may become more relevant to consumer lives as we adapt to changing consumer and buyer trends, looking to the future and the new normal, we remain well positioned in the long term to delight everyone with good food choices ” said Irwin Lee, president and chief executive officer of URC

Meanwhile, net debt was P221 billion, which the company says is “close” to 2019 levels

Aika Rey reports on Philippine Senate for Rappler Before writing about politicians, she covered budget, labor and transportation issues

Universal Robina, Net Income, Earnings, John Gokongwei

News – PH – Universal Robina beats drought pandemic as revenue increases 15% in 2020

Source: https://www.rappler.com/business/universal-robina-corporation-earnings-report-january-december-2020