Manila Bulletin
URC profits drop despite record sales
Universal Robina Corp. (URC) reported a net income of P6.5 billion for the first half of 2022, a decrease from the previous year due to the absence of significant gains from asset sales.
Despite the lower net income, URC achieved a record high of P71.1 billion in net sales during the first half of 2022, marking a 23 percent increase compared to the same period in 2021.
URC President and CEO Irwin Lee expressed satisfaction with the strong sales performance and anticipates continued momentum due to resilient consumer demand in the region.
Lee also noted that the company is monitoring demand signals amid inflation but remains confident in increasing absolute profits through topline growth and cost-saving initiatives.
The company's financial standing is robust, with a cash balance of P13.3 billion.
URC's product portfolio includes well-known brands such as Jack N' Jill, Nissin Cup Noodles, and C2.
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