RFM posts 49% net income growth in 2009 
 

 
Philippine food and beverage giant RFM Corporation, reported a 49-percent growth in net income last year to PHP365 million (US$7.85 million).

 

In a report to the Philippine Stock Exchange, RFM said its net sales reached P7.97 billion (US$171.47 million), six percent higher than the P7.55-billion (US$162.43 million) registered in 2008. Operating income reached over PHP613 million (US$13.18 million).

 

RFM president and chief executive officer Joey Concepcion said the group's strong performance was attributed to better gross margins as costs of major raw materials softened towards the second half of the year. It also registered lower-cost operating platform with the transfer to more integrated, modern and efficient production facilities for its pasta, beverage and meat products.

 

Concepcion said he is confident the group can sustain its robust performance this year through the launch of innovative products and intensified marketing activities.

 

He noted that the Fiesta brand is now the second market leader in the group after the Selecta brand which has remained the number one ice cream brand in the country with an even stronger 58 percent market share as of end-2009.

 

Concepcion said Swift meat and Selecta milk products have also posted double digit growth in sales "with stronger consumer pull, new product introductions and deeper distribution penetration."