URC to exit China market by next year, reallocating resources to faster-growing Asian markets

Universal Robina Corporation (URC) will cease manufacturing and sales operations in China by next year, marking its full exit from the market.

This strategic move aims to reallocate resources to faster-growing markets across Asia, where URC currently operates in Hong Kong, Indonesia, Malaysia, Myanmar, Singapore, Thailand, and Vietnam.

For the January to June 2024 period, URC reported PHP80.7 billion in sales, a 3 percent increase from the same period last year, with all business units showing higher sales volumes.

Operating income grew by 10 percent to PHP9.4 billion, driven by lower commodity costs and cost-saving programs, while net income from continuing operations rose 8 percent to PHP7.6 billion.

URC also declared a PHP1.90 per share dividend for the second time this year, payable on September 25, 2024, marking a 5 percent increase in annual dividends over the past four years.