LIBERTY FLOUR Mills, Inc. posted a net income last year of P192.43 million, surging by 126% from the previous year, on the back of higher sales volume during pandemic lockdown period.
The listed company said in a stock exchange disclosure on Tuesday that its total revenues in 2020 reached P1.35 billion, higher by 42.4% than the P949.05 million it recorded the previous year.
Its sales volume hit P1.09 billion, a 46.6% year-on-year increase from P742.47 million in 2019. Rental income accounted for P262.84 million.
“Demand for flour increased steadily until the fourth quarter of 2020 as this is an essential item for food needed during the continuous community quarantine implemented by the government to prevent spread of coronavirus disease 2019 (COVID-19),” the company said.
As a result of higher sales, Liberty Flour said its total cost of sales and services in 2020 also climbed 46.2% year on year to P1.02 billion from P699.98 million.
Meanwhile, the company said it anticipates to spend around P200 million in about two years for the maintenance and improvement of its manufacturing plant facilities in Mandaluyong City.
“Spending has actually started in 2020 and full spending might be completed by 2021,” the company said.
Based on its website, Liberty Flour manufactures different types of bakery flour and flour-related products. Some of its brands are Maya-All Purpose Flour, El Superior Flour, and Pine Tree Flour.
On Tuesday, shares of Liberty Flour at the stock exchange dropped 1.73% or 55 centavos to close at P31.25 apiece. — Revin Mikhael D. Ochave