Total sales of RFM for the first quarter of 2021 reached Php3.3 billion, or 4 percent higher than the previous year. RFM’s consumer brands Selecta Fortified Milk and Fiesta and Royal pasta and sauce brands grew 9 percent from year ago levels alongside its ice cream business. “RFM’s portfolio of leading consumer food brands continue to deliver good sales growth and income momentum with the return of normal consumer behavior following the strict lockdowns in 2020. Nonetheless, we see headwinds in the form of commodity and raw material price hikes that can dampen demand and squeeze margins. But the coming election spending should provide a good shot in the arm for consumer spending in the latter part of 2021,” said RFM President and CEO Jose Concepcion III.

Source: Manila Times May 17, 2021 16:07 UTC