HOMEGROWN Splash Corp. on Monday said profit ballooned by 133 percent to P93 million in the first six months of the year, backed by strong sales in personal care and food businesses.
Gross profit grew by 20 percent to P1.1 billion year-on-year, while operating profit rose by 64 percent to P110 million.
The company said sales from the personal care business grew by 17 percent in the Philippines and 19 percent abroad.
The company cited the broader coverage and stronger sales of flagship products Maxipeel and SkinWhite, coupled with the aggressive marketing in Africa, Middle East and Indo-China.
Food sales, on the other hand, went up 8 percent due to the entry of Barrio Fiesta products in the US market The firm also reported a higher contribution to sales of the food distribution network in the Middle East.
Direct selling of personal care and food products by Prime Global Distribution Corp. grew by 61 percent.
The company noted it is on track to roll out its online system for direct sales in the second half of the year for closer monitoring of operations and transactions of direct sales network.
Earlier, Splash said it aims to grow in double-digit terms annually, in both revenue and net income given the four fold improvement in year-on-year results.
Splash markets its products in China, India, Japan, Taiwan, Hong Kong and South Korea, as well as in Africa, Europe, Middle East, Southeast Asian and United States.