RFM Corp. said on Monday that preliminary data for 2020 showed its consumer brands posted double-digit growth rates last year, pointing to better revenue and income figures for the food and beverage manufacturer.
In a regulatory filing, it said the Selecta Fortified Milk brand expanded 56%, while the Fiesta and Royal pasta brands rose 44% and 16%, respectively.
RFM added that its White King hotcakes and other bowl mixes rose 36% as consumers cooked more in the homes amid the pandemic-induced lockdown. It did not disclose values other than the growth rates.
“While the 2020 audited financials are still not available, anecdotal evidence points to a better performance in 2020 compared to 2019 in revenues and income,” RFM President and Chief Executive Officer Jose Ma. A. Concepcion III was quoted as saying.
In 2021, Mr. Concepcion said the company would continue to control its expenses and capital expenditures as the situation remains uncertain due to the pandemic.
RFM has a strong balance sheet, he added, to support the continuation of the company’s dividend policy and share buyback programs.
“While RFM continues to look out for any M&A (merger and acquisition) opportunities to boost shareholder value, the organic growth in milk, ice cream, pasta, and mixes will be our growth drivers for 2021,” he said.
Meanwhile, RFM announced the approval of its board of directors for a cash dividend worth P350 million to be payable on March 8.
In its regulatory filing on Monday, the company said the cash dividend is at P0.10387 per share, as of record date Feb. 8, and is one of the two dividend declarations made every year.
According to RFM, its dividends per share have increased to 21 centavos in 2020, against 16 centavos in 2019.
“At the end 2020 share price of 4.56 per share, the dividend yield is 4.6%,” the company said.
On Monday, shares in RFM at the stock exchange rose 2.81% or 13 centavos to close at P4.75 each. — Revin Mikhael D. Ochave
