RFM income, revenues flat in 2020

Food and beverage company RFM Corp. on Tuesday said its preliminary data showed that its income and revenues last year were flat despite the doubledigit growth of its main consumer products.

In its disclosure, RFM said its income may have reached P1.27 billion, at par with the previous year’s P1.23 billion.

Revenues came in at P15.7 billion or almost the same as the previous year’s P15.33 billion.

RFM said its consumer brand Selecta milk expanded at 56 percent last year while pasta brands Fiesta and Royal grew 16 percent and 44 percent, respectively, from yearago levels.

White King hotcakes and other bowl mixes also recorded a 36-percent increase as consumers purchased and cooked more in their homes during the lockdown.

“Selecta Ice cream and bread bun revenues were naturally impacted by the pandemic-induced closures of fastfood chains and stores,” Jose Ma. A. Concepcion III, the company’s president and CEO, said.

“We have a strong balance sheet in RFM which supports the continuation of our dividend policy and share buyback programs. While RFM continues to look out for any (merger and acquisition) opportunities to boost shareholder value, the organic growth in milk, ice cream, pasta and mixes will be our growth drivers for 2021.”

For the year, Concepcion said RFM continues to watch trends in consumer sentiment and income as well as the ability of the coming vaccines to restore normalcy in the economy and daily lives of the people.