AgriNurture swings to profitability in 2017
Coming from a net loss of P231 million jn 2016, listed agriculture firm AgriNurture Inc. swung to profitability and booked a net income of P191 million in 2017 on the back of higher local sales.
A filing at the Philippine Stock Exchange showed that AgriNurture saw its gross income improved to P624 million, while its consolidated sales of goods and services jumped to P2.1 billion.
This, as the company booked local distribution sales of as much as P466 million, an increase of 85 percent following an expansion in its rice trading business and distribution channels with supermarket outlets.
The company’s export sales also improved by four percent to P76 million due to higher coco juice and banana sales following stable selling prices in the international markets.
In total, foreign operations contributed 69 percent of the consolidated sales, while local operations accounted for the remaining 31 percent.
Moving forward, AgriNurture said it would continue to expand its core business and increase coverage in the distribution, retail and export sales channels while it expand its franchise network overseas through its retail arm.