August 13, 2024 | 12:00am
MANILA, Philippines — Listed poultry and feed manufacturer Vitarich Corp. saw its net income rebound in the second quarter, surging to P190 million on the back of reduced costs coupled by higher revenue.
In a regulatory filing, Vitarich said its net attributable net income reached P190.566 million, a turnaround from the P38.090 million net loss it posted in the second quarter last year.
Gross revenue hit P3.188 billion, six percent higher than the P3.001 billion it posted in the same period a year ago. Meanwhile, its expenses dipped to P2.977 billion from P3.046 billion.
The company attributed the increase in earnings to higher food sales, better farm efficiencies and lower raw material costs.
“Our priorities are to gain scale and pursue opportunities to drive profitable growth,” Vitarich CEO Rocco Sarmiento said.
“Our first half performance reflects this and shows that we are on the right track with our long term strategy,” he said.
The company saw its first half attributable net income grow by more than six fold to P191.187 million from P29.851 million.
“In the second half, we expect the expanded distribution of Cook’s to boost the brand’s presence and enable retail demand. We will also launch innovations for consumers to enjoy diverse and unique culinary experiences,” Sarmiento said.
Earlier, Vitarich disclosed that it has expanded the sale of its fresh and frozen chicken products as it added more retail locations and started to offer them in online marketplaces to boost its profit.
The firm added 290 retail locations to carry its fresh and frozen products across Greater Manila Area, making its product line available in over 340 outlets nationwide.
Furthermore, the firm has opened its official stores in online platforms such as Lazada, Shopee, TikTok Shop, GrabMat and Pick.A.Roo to reach more customers for its Cook’s brand product line.
The Cook’s brand includes fresh and ready-to-cook chicken products such as fresh whole chicken, freshly frozen and flavor origins.
“With this broader accessibility, (Vitarich) aims to give customers more choices and convenience. The company also expects to improve the profitability of the business as it reduces reliance on volatile open markets and stabilizes profit margins,” the company said.
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