FOOD manufacturer Universal Robina Corp. (URC) recorded sales of P42.6 billion for the first quarter of 2024, or from Jan. 1 to March 31, up seven percent compared to the same period in 2023, with higher sales volumes across all divisions driving strong growth.
In a disclosure on May 3, 2024, the JG Summit Holdings-subsidiary URC said its operating income for the first quarter grew faster than top line, increasing 16 percent compared to the same period last year to hit P5.4 billion.
Margins expanded versus last year and versus last quarter, on the back of scale benefits from increased volumes and favorable sales mix, coupled with cost saving initiatives and lower input costs.
Net income was up 21 percent to P4.4 billion due to higher operating income coupled with higher forex gains.
Meanwhile, core net income for the period was up eight percent compared to the same period last year, above revenue growth. / PR