Snack-maker Universal Robina Corp. reported double-digit growth in the first quarter after its business units delivered good financial results.
 
For the three months ending March 31, URC grew net sales of continuing operations to P35.8 billion, up 22% versus the same period last year.
 
This "record-breaking" performance, URC said, was driven by the accelerating momentum of sales as its various business units delivered sterling performances across the board, as demand for its products improved amidst the retreat of the pandemic.
 
In the first quarter of 2022, URC recorded P3.6 billion in net income from continuing operations, up 20% versus last year.
 
URC said this performance was driven by "resilient growth" in the quarter's operating income and foreign exchange gains.
 
Meanwhile, operating income of P4.1 billion increased by 5% versus the same period last year as the company managed to grow the bottom line despite unprecedented cost pressures from spiking commodity prices, driven by global supply chain challenges and geopolitical tensions.
 
URC said its financial position remains strong, with a healthy cash balance of P16.1 billion and a low gearing ratio of 0.17.
 
The company paid out P7.6 billion in dividends to investors on April 29, an increase of 5% versus the previously declared dividend in 2021.