After reporting a 98% increase in net income for its 2019 Audited Financial Statement, from PhP65 Million in 2018 to PhP129 Million in 2019, Vitarich is reporting positive net income before tax of PhP132,992,410 for the first quarter of 2020, which is a far cry from its first quarter last year [-PhP173,367,965.00].
"2020 was supposed to be our year", according to CEO and President Ricardo Manuel M. Sarmiento. "Our strategy of focusing on efficiency and quality has been working despite the challenging chicken market. Our shift towards hotel, restaurant and institutional clientele has been working well for us. Our profitability ratios increased. The boost in profitability in the last quarter of 2019, went well into January 2020, where we earned our recent all time high of PhP69.39 Million and February 2020 where our income for the month was PhP46.43 Million. Unfortunately, COVID pandemic struck in mid-March 2020 causing our income to drop to positive PhP17.16 Million for said month."
For the first quarter of 2020, Vitarich posted income before tax of P132.99 million, a big improvement from negative P173.37 million in the same period last year.
"Our first quarter performance provided a buffer for us to weather the adverse effect of the COVID-19 lockdown in the second quarter" the President and CEO added. "I am proud of our team, who came together, made personal sacrifices, and remained dedicated. We continued our lifetime professional partnership with business partners providing the necessary support in these difficult times. Our feeds sales stepped up by fulfilling requirements of customers whose previous supplier had to scale down or close. New sales channels for our products are being developed."
"Most importantly" Sarmiento further added, "Vitarich is proud to report that its precautionary measures at its place of business and operations have been working because none of its employees have been diagnosed as COVID-19 positive as of date. Indeed, Vitarich is adapting to the new normal, while keeping the core values of quality and excellence at heart."
.png){kind=small}