AgriNurture Inc. (ANI), the listed agro-commercial company of businessman Antonio Tiu, said its income in January to September tripled to P1.2 billion from P389.73 million a year ago.
ANI said it recognized fair value gain on the valuation of an investment property amounting to P955.92 million.
The company said it generated consolidated sales of goods and services of P3.62 billion for the period, up 21 percent over last year’s P3 billion.
Philippine operations contributed 47 percent while sales from foreign operations accounted for 53 percent of consolidated sales.
The group’s export sales fell 20 percent to P1.19 billion.
“The sales decreased due to the international logistics constraints and mobility restrictions brought about by the global Covid-19 pandemic,” the company said.
Local distribution sales during the nine-month period more than doubled to P490.79 million from P223.52 million last year.
“Sales increase significantly due to high demand of rice and fresh produce especially during enhanced community quarantine period. Further, to improve the operations the group launched its own e-commerce platform through its ANI Express website and mobile application where customers can order fresh produce, canned beverages, rice and other essential goods for delivery to customers,” it said.
Despite the increase in raw material and logistic costs, recurring operating profit rose 57 percent to P70.6 million in the third quarter from P45 million a year ago, mainly due to savings from continuous general and administrative expenses.
The company said it is launching new products, including the plant-based meat under brand name Fit Bites, non-dairy coconut ice cream products, Big Chill’s healthy drinks and Tully’s Coffee in cans for local and export distribution which is expected to trigger high growth next year.
ANI exports local fruits and vegetables to the Asia Pacific region, Europe, and North America. The company also has commercial activities in China, Hong Kong, and Australia with gross revenues of close to $100 million in 2020 despite the pandemic.