Revenue surge lifts AgriNurture profit

Listed agricultural trading firm AgriNurture Inc. (ANI) saw its net income surge to nearly P50 million in the first semester on the back of higher revenues.

In a regulatory filing, the company said consolidated sales jumped 42 percent to P846 million, while gross profit soared 85 percent to P256 million despite the sharp drop in local distribution sales.

Export sales went up 21 percent to P59 million on stable selling prices of banana and coconut juice in the world market and the increase in number of customers.

The company expects sales volume of bananas to increase in the last two quarters on top of increased volume in shipments for mango and beverage products such as canned coconut water.

Foreign operations contributed the bulk or 81 percent of the consolidated sales, while local operations accounted for the remaining 19 percent.

Meanwhile, retail and franchising sales went up three percent to P51 million due to improvement of operations and increase in franchise revenues and events.

Foreign trading operations, likewise, jumped to P689 million due to the consolidation of operations of Fucang , which was 51 percent owned by the company as of July 2017.

Operating expenses rose to P114 million from P103 million due to higher manpower costs for regular employees and depreciation and rental expenses.

ANI said it would continue to expand its core business and increase coverage in the distribution, retail and export sales channels, while its retail arm is expanding the franchise of its network overseas.

The company is involved in various agro-commercial businesses focusing on trading of grains and fresh produce in the Philippines and export markets.

ANI supplies other homegrown fruits such as banana, pineapple, mango, processed fruits and coconut water to Hong Kong, China, Australia and Europe, among others.