AgriNurture Inc., the listed agro-commercial company of businessman Antonio Tiu, reported on Friday a consolidated net profit of P596.6 million in the third quarter, up by 1,490 percent from P37.5 million it booked in the same period last year.
ANI said that in the third quarter, it recognized fair value gain on valuation of investment property amounting to P955.92 million which boosted its net income.
Third-quarter revenues also rose 9.1 percent to P1.31 billion from P1.2 billion a year ago.
The company said that in the nine-month period, net income grew by 200 percent to P1.2 billion, as sales jumped 21 percent to P3.62 billion.
Domestic operations contributed 47 percent while sales from foreign operations accounted for 53 percent.
Local distribution sales went up 120 percent to P490.79 million as of end-September from P223.52 million in the same period in 2020.
ANI said despite the increase in raw material and logistic costs, recurring operating profit rose 57 percent to P70.6 million in the third quarter from P45 million a year ago, on savings from continuous general and administrative expenses.
ANI said it would launch new products such as plant-based meat under brand name Fit Bites, non-dairy coconut ice cream, Big Chill healthy drinks and Tully’s coffee in cans for local and export distribution which is expected to trigger high growth next year.
As an agro-commercial company, ANI exports local fruits and vegetables to the Asia Pacific region, Europe and North America. The company also has commercial activities in China, Hong Kong and Australia with gross revenues of close to $100 million in 2020 despite the pandemic.
The share price of ANI declined 1.15 percent Friday to close at P4.30.
