UNIVERSAL Robina Corp. (URC) reported sales of P80.7 billion for the first six months ending June 30, 2024, up three percent vs. the same period last year, with all business units posting higher sales volumes.
Operating income growth outpaced topline, increasing by 10 percent vs. the same period last year to end the first half at P9.4 billion.
The company’s thrust for margin improvement continued on the back of easing commodity costs and the strong results from the company’s cost savings programs.
Net income from continuing operations was up eight percent to P7.6 billion on higher operating income, and impairments in last year’s base.
Core net income grew five percent to P6.7 billion, with higher tax provisions offsetting operating income growth. URC also disclosed its strategic exit from China, where it operates cereals and snacks businesses.
Manufacturing and selling have ceased, with the full closure expected by 2025. This will allow URC to redeploy resources to higher-growth markets across the region. / PR