A BROWN Co. Inc. (BRN) announced that its net profit for the second quarter of 2022 jumped 332% from P53.88 million in the second quarter of 2021 to P232.94 million in 2022 of the same period.
Consolidated revenues for the April-June 2022 period amounted to 361.44 million pesos, also up 332% year-on-year, with gross profit totaling 210.71 million pesos.
The company’s real estate income in the second quarter of 2022 rose to 307.90 million pesos, up 379% from the 64.31 million pesos recorded during the same period in 2021. The increase is due to the higher percentage of completion and number of units sold in this quarter compared to the percentage of completion of units sold for the same quarter last year.
The agricultural business unit’s revenue in the second part of 2022 also increased by 261% year-on-year to reach 46.98 million pesos.
Crude palm oil revenue increased by 11.2 million pesos thanks to the increase in sales volume, which also increased by 920%, from 50.70 metric tons (MT) in the second quarter of 2021 to 517.05 MT in the second quarter of 2022.
The average selling price per metric ton also increased in the second quarter of 2022, from 32,053 pesos per ton in the second quarter of last year to 81,419 pesos per ton for the same period this year.
Palm olein revenue, on the other hand, decreased by 8.1 million pula due to lower quantity sold which fell by 100% from a volume of 127.06 MT in the second quarter from last year to only 0.15 MT for the same period this year.
Revenues from palm kernel, sour palm oil, palm fatty acid distillate and refined, bleached and deodorized coconut oil also contributed to the decline in the oleins segment in the second quarter of 2022, because there were no sales for the same products during the same quarter. Last year.
Water utility revenues also increased by P222,000 in the second quarter of 2022 due to buyers moving into their units, leading to an increase in the number of water connections for that quarter compared to in the same quarter of last year.