The company closed 2024 with projected revenues of nearly P22 billion, versus P20.7 billion in the previous year, and a profit estimated at P1.4-1.5 billion, a significant increase from P1.27 billion in 2023.
Management’s view
“RFM has no debts and has a strong balance sheet that enables our steady declaration of cash dividends. We have also completed some big capital spending in 2024 like the new Silang, Cavite bakery plant and new Selecta Milk lines and will just be on the lookout for opportunities to grow our businesses,” Concepcion said in a stock exchange filing on Wednesday.
“Nevertheless, our pipeline of new products is quite packed for our ice cream, pasta, and milk brands which will ensure organic growth for RFM in the near term,” he added.
Dividends
To reward shareholders, RFM declared a P200-million cash dividend, or P0.05936 per share, payable on Feb. 18, 2025, with a record date of Jan. 22, 2025.
This followed a P1.3-billion total dividend payout in 2024, up from P850 million in 2023, yielding 10 percent based on the year-end share price of P3.87.
The 2024 performance was fueled by strong sales of Fiesta and Royal pasta products, bolstered by government purchases for holiday distributions. RFM also benefited from its 50 percent stake in the Philippines’ leading ice cream business, which sells Selecta, Magnum, and Cornetto, alongside its portfolio of sauces, White King mixes, and Selecta Milk.
