AgriNurture Inc. (ANI), the listed agribusiness of businessman Antonio Tiu, more than tripled its consolidated net profit to 1.2 billion pesos in the first nine months of 2021, from 389, 73 million pesos earned during the same period last year. .
In a disclosure to the Philippine Stock Exchange, the company said it recognized a fair value gain on the valuation of investment properties amounting to 955.92 million pesos.
ANI said it generated consolidated sales of goods and services of 3.62 billion pesos for the nine months ending September, up 21 percent from the same period last year.
Philippine operations contributed 47 percent while sales from foreign operations accounted for 53 percent of consolidated sales.
Local distribution sales were up 120% to P 490.79 million for the nine months ended September 30, 2021 from P 223.52 million for the same period in 2020.
Despite rising raw material and logistics costs, recurring operating profit increased 57% to 70.6 million pesos in the third quarter from 45 million pesos a year ago, mainly due to savings on ongoing general and administrative costs.
Going forward, ANI is launching new products such as plant-based meat under the Fit Bites brand, non-dairy coconut ice cream, Big Chill healthy drinks, and Tully’s coffee in cans for local distribution. and exports, which should trigger strong growth next year.
As an agribusiness company, ANI exports local fruits and vegetables to the Asia-Pacific region, Europe and North America.
The company also has business operations in China, Hong Kong and Australia with gross revenue of nearly $ 100 million in 2020 despite the pandemic.
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