MANILA, Philippines – Food and beverage company RFM Corporation wants its joint venture (JV) with Unilever’s ice cream segment to have a “stronger performance” as they see opportunities with the Philippines’ ice cream lovers.
In a disclosure on Thursday, October 31, RFM noted that its chief Jose “Joey” Concepcion III and Unilever Ice Cream Business Group President Peter Ter Kulve “acknowledged the immense growth potential of the Philippines as a consumer and ice cream market.”
The two companies started the JV — Unilever RFM Ice Cream (URIC) — in 1999, and has since become “a leading player in the industry.” Through the venture, ice cream brands such as Magnum and Cornetto are made available in the Philippines.
It is said to be among Unilever’s top ice cream businesses across its ventures around the world, with the Philippines among its top ten markets.
Ice cream is a staple in the tropical country, especially during summer months.
Multiple brands have also produced their own take on snacks that feature ice cream — among them being beloved local flavored fries store Potato Corner, which introduced a “friescream” offering on their menu just this July.
Another local artisinal ice cream brand, Merry Moo ice cream, also collaborated with Pasig-based bakery Likhang Harina for ice cream sandwiches.
RFM’s ice cream segment contributes around a third of its total revenues, which as of September 2024, stood at P15 billion. Its nine-month income also improved year on year to P1.1 billion bolstered by strong sales of Fiesta, Royal, and Selecta Ice Cream.
As of end-2023, RFM’s 50% stake in the JV has an estimated value of P9.388 billion.
Unilever has over P480 billion in global ice cream sales under the brands Ben & Jerry’s, Magnum, Wall’s and Cornetto, among others, RFM said. – Rappler.com