Ice cream, pasta boost RFM income in first 9 months

FOOD and beverage company RFM Corp. said its income for nine months of the year grew 9 percent to P836 million, from last year’s P757 million as sales of its core products churned out by its bread and flour units surged.
Revenues rose 10 percent to P10.77 billion, from last year’s P9.79 million.
For the third quarter alone, its income rose 10 percent to P255 million, from last year’s P232 million while revenues rose 9 percent to P3.8 billion, from last year’s P3.48 billion.

RFM President and CEO Jose Ma. A. Concepcion III said the company is allotting an additional capital expenditures of P220 million to expand institutional and consumer brand production capacities.

This is on top of the P400-million capex approved a few months ago to expand the sauce and milk businesses.

“RFM is quite bullish in its brands and businesses. We will continue to deploy the required funding to meet the growth in demand for our brands. To this end, we have a very strong cash position to back our capex. In fact, aside from the 50-percent cash payout policy and ongoing share buyback, we want our new capex to hasten the improvement of the returns to our shareholders over the long run,” Concepcion said in a statement.

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