LISTED food and beverage producer RFM Corp. said it aims to grow its profit and revenue by mid-to-high single digits this year.
The company anticipates growth across its ice cream, milk, pasta, flour, bread, and mixes segments, RFM Corp. Chief Executive Officer Jose Ma. “Joey” A. Concepcion III said in a statement to the stock exchange on Thursday.
Mr. Concepcion made the statement as unaudited preliminary numbers showed that RFM saw a 53% increase in its first-quarter net income to P309 million, while sales climbed 3% to P4.5 billion.
The growth was driven by RFM’s pasta, milk, and flour segments, as well as its joint venture, Unilever RFM Ice Cream, Inc., which produces Selecta, Cornetto, and Magnum ice cream products, Mr. Concepcion said.
For 2024, RFM saw a 12% increase in net income to P1.4 billion as topline revenue increased by 5% to P21.7 billion, based on the company’s audited financials.
Meanwhile, Mr. Concepcion said that RFM does not expect any immediate impact following the announcement by Unilever PLC in March 2024 to separate its global ice cream business from its other segments, such as beauty, homecare, and food products.
Unilever said the move, which could be completed by yearend, aims to better facilitate the future growth potential of the ice cream segment, citing distinct business characteristics, such as a supply chain and points of sale that support frozen goods, a different channel landscape, more seasonality, and greater capital intensity.
Meanwhile, RFM said its board approved a P200-million cash dividend, payable on May 26. This brings the company’s total cash dividend for 2025 to P400 million.
RFM shares rose by 1.2%, or five centavos, to P4.20 per share on Thursday. — Revin Mikhael D. Ochave
