Macay Holdings Inc., the listed firm of businessman Alfredo Yao, reported a 125 percent surge in net income for the nine months to September on the strength of its beverage sales.
The bottler and distributor of RC Cola and Zest-O said its nine-month net income hit P1.2 billion from last year’s P534.68 million. Revenues increased to P7.68 billion from P5.31 billion a year ago.
For the third-quarter alone, the company grew its net profit by 136 percent to P362.57 million from P153.53 million last year, while revenues rose to P2.51 billion from P1.69 billion in 2013.
“The company maintained its momentum by delivering strong third quarter and nine-month period sales despite the seasonality for the beverage industry,” Macay said.
The firm said the strong sales were driven by its expansion programs, particularly the opening of its plants in Pangasinan and Cagayan de Oro, and the adjustment of prices for the regular cola and its variants.
“Flavored carbonated softdrinks also continued their upsurge, thereby contributing to the revenue growth,” Macay said.
The company is awaiting approval from the Securities and Exchange Commission and the Philippine Stock Exchange for its follow on offering, which will fund its expansion plans in the beverage sector.
Earlier, Macay said it plans to fully transform the company into a beverage consumer firm through its brands RC Cola and Zest-O.
Since taking over Maybank ATR Kim Eng Financial Corp. last year, Macay is now operating as the holding firm of wholly owned food and beverage unit ARC Refreshments.