The Gokongwei-led maker of Jack ’n Jill, C2 and Great Taste posted second-quarter sales of P41.5 billion, up 2 percent, while core net income attributable to shareholders rose 10 percent to P2.9 billion. Reported net income from continuing operations jumped 25 percent to P3.0 billion, lifting first-half revenue growth to 4 percent.
“Our second quarter performance demonstrates the strength and balance of our portfolio,” president and CEO Irwin Lee said. “Growth from our branded consumer and animal nutrition businesses, alongside improving contributions from flour, enabled us to deliver on our plans despite the anticipated softness in Sugar.”
Brands cushion weakness
Branded Consumer Foods remained the main growth engine, with sales rising 4 percent to P29.4 billion, driven by bakery and powdered beverages in the Philippines and stronger contributions from Vietnam and Malaysia.
The agro-industrial & commodities business, however, saw sales fall 3 percent as lower sugar volumes and softer prices offset double-digit growth in animal nutrition and continued expansion of the flour business.
“While geopolitical tensions and inflationary pressures remain risks going forward, our strong brands, distribution and customer partnerships strength, and disciplined operational execution provide us with the flexibility to adapt and sustain competitive advantage in a volatile environment,” Lee said.
—Edited by Miguel R. Camus
