URC net income jumps 109% on Oceania sale gain

Universal Robina Corp. (URC) reported a 109% increase in net income, reaching P24.3 billion in 2021, driven by a one-time gain from the sale of its Oceania business.

The company's overall sales grew by 3% to P117 billion for the full year, despite mobility restrictions and supply chain issues.

However, URC's operating income and core net income from continuing operations both declined by 8% due to record commodity prices increasing material input costs.

Price increases and cost-saving measures helped to mitigate the impact on operating margins.

Sales from the branded consumer foods group, excluding Oceania, remained flat at P83.5 billion as key markets slowly recovered from the pandemic.

URC reinvested proceeds from the Oceania sale into higher-growth markets, including the acquisition of Munchy's business in Malaysia.