Aboitiz’s food business delivers P499M income in 9 months

SunStar Publishing Inc.

ABOITIZ Equity Ventures non-listed food subsidiaries’ income contribution to AEV amounted to P499 million in the first nine months of 2023, 92 percent higher than the P260 million recorded during the same period in 2022.

The food group was able to fully recover from its P534 million net loss in the first quarter of 2023 primarily due to better margins from its agribusiness and flour segments driven by the decrease in raw material costs and better pricing strategy.

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