Having achieved a historic revenue record, listed poultry and feeds producer Vitarich is anticipating another prosperous year by focusing on expanding its sales channels and introducing new products.
Vitarich’s net income surged by 44 percent, from P89.4 million in the previous year to P129 million in 2022 as revenues soared 23 percent to an all-time high of P12 billion, eclipsing 2021’s P9.7 billion.
This marks the first time in the company’s 60-year history that annual revenues exceeded P10 billion.
Vitarich recorded profitability across all business segments, with the food segment experiencing significant momentum.
Revenue from this segment alone totaled P6.2 billion, which was primarily driven by the recovery of food services and restaurants, as well as the introduction of value-added products in November, providing supplementary support.
“2022 brought many challenges to families and businesses particularly as inflation intensified and food prices rose by double digits. Despite this difficult environment, our team at Vitarich worked tirelessly and delivered solid revenue growth and improved net income,” Vitarich president and CEO Rocco Sarmiento said.
For 2023, Vitarich expects another year of strong revenue growth as well as better margins.
Vitarich, however, said it remains alert in assessing the risks of persistent higher input costs and supply chain disruptions.