RFM posts P1.22B net profit in 2019, up 10%

RFM Corp. booked a net income of P1.22 billion in 2019, up 10% from P1.1 billion year-on-year on the back of strong growth across its food and beverage brands.

The company also posted a revenue of P15 billion, 9% higher than P14.3 billion a year earlier.

RFM president and CEO Jose Ma. Concepcion said the "strength of the RFM balance sheet" arose "from the continuing growth of Selecta Ice Cream, Selecta Milk, RFM Flour as well as Royal and Fiesta Pasta and Sauces."

Concepcion said RFM’s Selecta Fortified Milk has been leading the expansion in sales along with Selecta Ice Cream.

“Our Selecta Fortified Milk is our way of providing affordable and ready-to-drink milk to the Filipino family. Over time, we hope to contribute to a healthier populace thru our RTD milk products. At the same time, our affordable Selecta ice cream products continue to lead the category and provide livelihood to big and small retailers including the thousands of sari-sari stores across the country," he said.

RFM’s institutional bread and flour businesses also saw a banner year along with the Royal and Fiesta pasta brands, the company said.

“For 2020, we plan to sustain the growth of our key brands and businesses in light of the strong economic momentum and consumer income growth,” Concepcion said. —Ted Cordero/LBG, GMA News