Metro Manila (CNN Philippines, June 22) — Del Monte Philippines Inc. enjoyed higher earnings in fiscal year 2021 ending in April, with domestic and overseas sales posting double-digit growth due to higher at-home consumption amid quarantine.
In a disclosure to the local bourse on Tuesday, parent company Del Monte Pacific Limited reported a net income of ₱4.6 billion for the food and beverage firm — a 33% increase buoyed by “improved sales, favorable mix, lower costs and expenses, and greater efficiency.”
The company logged ₱19.2 billion in domestic sales, expanding by 10%. DMPI’s segments in convenience cooking and dessert along with healthy beverages and snacks saw sales volume rise with more people cooking and eating at home amid the pandemic-induced quarantine. These include products like Del Monte’s spaghetti sauce, pasta, ketchup, packaged fruits and beverages.
Del Monte’s packaged fruit and beverage exports likewise jumped by 15%, with the United States market mainly driving the surge. The growth in at-home consumption was also observed in international markets, namely the Americas and North and Southeast Asia.
The company’s sales of premium fresh fruit also inched higher by 1%, with the peso’s stronger performance versus the dollar trimming revenue growth, according to the firm.
DMPI chief executive officer Joselito Campos Jr. welcomed the firm’s strong performance for the year, citing efforts to adapt to consumer trends through product innovation and digital marketing coupled with strengthening operations and maximizing efficiencies.
“These initiatives translated into sales growth in both our Philippines and international markets,” said Campos. “This gives us confidence as we are well positioned to take full advantage of our market leadership and further accelerate our strategy across the region.”
Apart from continually improving and expanding its array of products, DMPI said it will strive to make these items more available to consumers through traditional and digital platforms and “more convenient” packaging formats.
The firm said it is also “positioned to unlock significant growth” in China while strengthening its presence in underserved markets.
DMPI announced earlier this year that it will be gunning for an initial public offering, its second attempt to raise up to ₱44 billion.
