RFM President and CEO Jose Ma. A. Concepcion III reported a 12% growth of revenues for the first six months of 2018 for the Company which resulted in a 3% rise in net income. Sales of the food and beverage company for the period grew from P5.7B to P6.3B pushing the RFM’s net income to P525M from P508M. The company posted topline growth in most businesses including ice cream, flour, pasta, milk and private label. First Half revenues of the ice cream category leader Selecta grew 11% year on year while institutional sales including the bakery business expanded with an 8% increase. Sales of RFM’s other flagship brands - Fiesta pasta, Royal pasta, White King mixes and Selecta Milk - also posted a strong 17% expansion for the six-month period. Concepcion noted that “the healthy growth of the branded consumer businesses brought about a 3% growth in net income to P525M, despite the headwinds from softening prices of flour and the rise in commodity prices such as wh...
Tired of scrolling past the noise? Welcome to On the Spotlight! We cut through the clutter to bring you the current events, business breakthroughs, and technology innovations that are reshaping the world. From the latest product launches and game-changing wellness trends to the fascinating personalities driving it all, if it's new, noteworthy, and worth your time, you'll find it here first.