EARNINGS of RFM Corp. grew 10% in the third quarter on higher sales of its ice cream, milk and pasta brands.
In a regulatory filing yesterday, the Concepcion-led firm said its attributable net income reached P255 million in the July to September period from P232 million a year ago. Net revenues also increased 9% to P3.81 billion during the same three months.
Year to date, the company’s attributable net income stood at P835 million, 10% higher from the same period last year. Net revenues as of end-September was P10.77 billion or 10% up from 2018.
“The drivers of the group’s revenue growth were the flagship brands — Selecta Ice Cream, Selecta Milk, Fiesta Pasta and Royal Pasta. These brands combined posted 9% revenue growth,” it said, referring to figures recorded in the nine-month period.
“Institutional Segment also posted revenue improvement of 13% compared to last year. The higher income of the company is mainly driven by its higher revenues delivering higher absolute gross margins as compared to (the) same period of last year,” it added.
Aside from selling dairy and pasta products, the Concepcion-led company also produces wheat, flour, juices, margarine and other food and beverage products. Among the brands it owns are White King, Sunkist Orange Pulp and Vitwater.
It is also in the business of barging services, leasing of commercial or office spaces, canning services and toll processing through its various subsidiaries. — Denise A. Valdez
