Push Admin

URC net income jumps 109 percent to P24.3 billion in 2021

Article (news)

ABS-CBN News

<p>MANILA - Universal Robina Corp on Monday said it posted a net income of P24.3 billion in 2021 mainly driven by the gain from the sale of its Oceania business.</p><p>The total of 109 percent higher compared to the previous year, URC said in a disclosure to the stock exchange. </p><p>Gokongwei&#x27;s URC exited its snack business in the Oceania region in 2021. It said it reinvested into &quot;high-growth core markets&quot; and recently acquired Munchy&#x27;s business in Malaysia.</p><p>Sales grew 3 percent for the full year to P117 billion despite the imposition of stricter mobility restrictions several times in the year as well supply chain disruptions, it said.</p><p>&quot;While the challenges and uncertainties of hyper cost inflation, global climate and political turbulence persist, our growth momentum and organizational commitment to excellence give us cause for optimism in 2022,&quot; URC president and CEO Irwin Lee said.</p><p>&quot;We will continue to invest in our brands, build channel strength, make future bets in attractive white spaces and operate efficiently and sustainably, all towards future-proofing our growth,&quot; he added.</p><p>URC in November said it would acquire Crunchy Foods Sdn Bhd, the company that owns Munchy Food Industries, for P22.9 billion.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/11/26/21/urcs-malaysian-unit-to-acquire-crunchy-foods">URC says unit to acquire Malaysia&#x27;s top biscuit brand</a></li>	<li><a href="https://news.abs-cbn.com/business/02/17/22/urc-taps-renewable-energy-for-luzon-facilities">Universal Robina taps renewable energy producers for Luzon facilities</a></li></ul><div><strong>RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe __idm_id__="2146305" allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1842344" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

Universal Robina Corp on Monday said it posted a net income of P24.3 billion in 2021 mainly driven by the gain from the sale of its Oceania business.