Philippines’ F&B firm Universal Robina posts 12% net income growth

Net income from continuing operations stood at P14.5b (US$263m).

Philippine-based food and beverage firm Universal Robina Corporation (URC) reported its unaudited net income from continuing operations grew 12% year-on-year to P14.5b (US$263m) in 2022.

Operating income for the entire year went up by 20% to P15.2b (US$275m), whilst sales climbed by 28% to P149.9b (US$2.72b).

“We have closed out the year strong, turning in a record performance across all our business units, and surging well above pre-pandemic levels. The structural work we have done over the last few years has allowed us to capitalize on the growth opportunities from the reopening of the economy in 2022,” Irwin Lee, URD President, and CEO, said.

“In the coming year, we will continue to execute our plans to keep our margin recovery on track. We remain confident that the strength of our portfolio of ‘Products and Brands that People Love’ will continue to drive growth into 2023 and beyond, as we stay true to our purpose of providing good food choices for consumers.”

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