AGRINURTURE INCOME UP 400%
Listed Agrinurture Inc. (ANI) reported a 404-percent jump in its first-semester net attributable income to P357 million from P70.7 million a year ago.
In the second quarter alone, the consumer staple company’s net income grew to P325.3 million from P25.7 million last year.
ANI supplies home-grown fruits like mango, banana, pineapple and coconut products to global institutional buyers and supermarket chains. It is currently spearheading the production and marketing of Bigma (bigas-mais) blend to minimize the country’s overdependence on imported rice.
While overall sales declined due to the negative impact of COVID-19 on the global supply chain, ANI’S recurring income continued to post hefty growth due to robust domestic sales across supermarket chains in the Philippines and in the United States. Meanwhile, other incomes also rose as a result of an increase in brand valuation for its subsidiary, The Big Chill Inc., which recently launched its plant-based ice cream line and is currently working on a potential listing in
major foreign exchange.
It will also roll out its new plant-based meat substitute products globally under the brand name “Fit Bites.”
A 14-percent reduction in the company’s liabilities and recent cuts in interest rates led to significant interest savings. Unrealized foreign exchange gains and rental income during the period also boosted other income.
Its sales hit P1.8 billion in the first half of the year, down 25 percent from P2.4 billion a year ago. Second-quarter sales reached P965.6 million, lower than the P1.2 billion posted a year ago due to quarantine and logistics constraints in export markets.
For the first six months of 2020, Philippine operations contributed 56 percent to total sales while foreign operations accounted for 44 percent.
However, overall export sales started to increase after the Chinese government lifted most of the quarantine restrictions in June. Also, sales for coconut water and sparkling juices continue to increase due to higher demand in the United States during the period.