Poultry and feeds firm Vitarich of the Sarmiento family experienced strong growth in the first quarter of 2023, driven by balanced expansion across its business divisions.
The company reported a 66 percent jump in net income, reaching P67.9 million during the first three months, driven by double-digit growth in its top line.
Revenues grew 27 percent to P3.3 billion, largely due to price adjustments and robust sales volume.
Vitarich president and CEO, Rocco Sarmiento, said the company would continue to focus on long-term revenue growth and improving profit margins.
Sarmiento highlighted that the company successfully implemented various initiatives to optimize working capital, including inventory reduction, process optimization, and enhanced performance monitoring.
During the quarter, the foods segment experienced a 22 percent percent growth to P1.73 billion on steady demand from commercial customers, such as hotels, restaurants, and institutions in Luzon.
Revenues from the feeds segment increased by 37 percent to P1.5 billion on volume gains and price increases implemented to offset rising input costs.