In a disclosure to the Philippine Stock Exchange, the firm said revenues hit an all-time high of P9.7 billion, up 23% year-on-year driven by growth in all three business segments.Vitarich President and CEO Rocco Sarmiento said “2021 not only delivered new revenue records across segments, but also pointed to higher long-term volume growth.”
Cost of goods increased 21 percent to P8.9 billion in relation to higher sales volume and prices of raw materials such as wheat, soybean, and corn which rose by an average of 12 percent compared to the prior year. Revenues from the Feeds segment, which accounted for 48 percent of total sales, were up 14 percent to P4.7 billion with volumes reaching the highest levels ever for tie-up and commercial customers, such as distributors and direct farms.Revenues from the Foods segment, which accounted for 44 percent of revenues, accelerated by 36 percent to P4.2 billion due to a 21 percent increase in sales volume and 12 percent increase in average selling prices.
“We continue to execute on the factors we can control, including new products, improved customer satisfaction scores, enhanced processes, and engaged stakeholder relationships, said Sarmiento.