San Miguel Food and Beverage Inc. on Wednesday reported profits in 2022 growing 12 percent to P34.7 billion from the previous year’s P31.41 billion despite heightened geopolitical tensions, inflationary pressures and supply chain challenges.
Consolidated revenues rose 16 percent to P358.9 billion from the previous year’s P309.77 billion, driven by higher volume growth across its beer, spirits, and food divisions.
The company also optimized pricing across its portfolio to help manage the impact of rising raw material costs.
“SMFB’s results prove the resilience of our business model as we navigated a very difficult environment in 2022. Looking to 2023, we expect to continue to deliver operational excellence and invest in growth to drive long-term value for our shareholders. At the same time, we will continue to ensure that our products are within reach of every Filipino,” Ramon S. Ang, president and CEO, said.
San Miguel Brewery Inc. ported revenues of P136.2 billion, up 17 percent from the previous year. Domestic operations saw volumes grow amidst a favorable market environment, continued easing of COVID- 19 restrictions, a buoyant economy, and robust consumer spending.
Its international operations sustained its strong performance, with volumes up double-digit from the prior year on the back of gains in its exports.
SMB’s income from operations increased 10 percent to P29.5 billion. Its spirits business led by Ginebra San Miguel Inc.’s income from operations rose 13 percent to P6 billion.
It reported an 11 percent sales growth to P47.3 billion, driven by higher volumes and a modest price increase earlier in the year.
San Miguel Foods income from operations rose 15 percent to P13.3 billion. It sustained robust top-line performance throughout 2022, posting consolidated revenues of P175.3 billion, 16 percent higher than the previous year.
Almost all its businesses delivered strong double-digit revenue growth, led by its flour, feeds and prepared and packaged food.
