Vitarich’s earnings balloon by 389 times
Higher sales and additional revenue sources boosted the net income of poultry integrator and manufacturer Vitarich Corp. by 389 times, which reached P241.6 million in the first quarter of this year.
In a disclosure on Wednesday, Vitarich said its revenues rose by 8.8 percent to P3.196 billion. This was mainly driven by higher nationwide pricing of chicken products and a new revenue stream from day-old pullets.
The increase was partially offset by lower sales volumes and reduced feed pricing.
This was due to the limited supply of day-old chicks in the market. Vitarich CEO Ricardo Manuel Sarmiento said its “record” earnings outperformed their expectations.
“This performance boosts our outlook and reinforces our confidence in navigating an evolving macroeconomic environment,” Sarmiento said.
The firm’s gross profit rose by 146 percent to P607.5 million due to higher prices and lower cost of goods. The operating profit grew 14.5 times to P349.8 million.
