RFM posts growth despite difficult business environment

Food and beverage company RFM said its brands sustained growth last year despite the difficult business environment due to COVID-19.

CEO Jose Concepcion III said the organic growth in milk, ice cream, pasta and mixes would be the company’s growth drivers this year, even as it continues to look out for merger and acquisition opportunities to boost shareholder value.

Selecta Fortified Milk saw sustained growth in 2020, expanding 56 percent, while pasta brands Fiesta and Royal grew by 16 and 44 percent, respectively from a year ago.

Likewise, its White King hotcakes and other bowl mixes enjoyed a 36 percent increase as consumers purchased and cooked more in their homes during the series of lockdowns last year.

Concepcion said the company performed better in 2020 compared to 2019.On the other hand, Selecta Ice cream and bread bun revenues affected negatively by the pandemic-induced closures of fastfood chains and stores.

Source: https://www.philstar.com/business/2021/01/26/2072943/rfm-posts-growth-despite-difficult-business-environment

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