San Miguel Brewery Inc., the beer company of the country’s largest conglomerate, on Friday reported net income in 2022 rising 6 percent to P21.8 billion from the previous P20.44 billion.
The beer brewer credited the increase to greater focus on consumer needs through innovation, consumer engagement programs and increased marketing support backed by a favorable market environment.
Sales revenue grew 17 percent to P136.2 billion from the previous year’s P116.28 billion and operating income rising 9 percent to P29.5 billion from the previous year’s P26.91 billion.
“This was attributed to significant volume growth, favorable brand mix, and implementation of cost efficiency initiatives, boosting its domestic and overseas volumes and profit,” the company said.
To further boost consumer demand, the company rolled out San Mig Flavored Water in March, an unsweetened non-carbonated drink, and the San Mig Hard Seltzer made from sparkling water with a 5 percent alcohol content.
In December, SMB launched its newest product, the San Miguel Cerveza Blanca, a wheat beer positioned in the upscale market.
The company also implemented packaging innovations with the release of the San Mig Light Limited Edition cans in July, the San Miguel Flavored Beer Hallyu Fun cans in September and the San Miguel Pale Pilsen Play cans in October.
San Miguel’s international operations also posted robust growth on higher volumes, better operational efficiencies and prudent cost management.
It leverage its portfolio on specialty beers. Indonesia continued its volume growth and profit uptrend, while Thailand capitalized on the strength of SMB’s specialty beers and premium brands resulting in increasing sales.
San Miguel’s exports operations also posted its third consecutive year of higher volume and profit, particularly in markets like UAE, Qatar, USA, Bahrain as well as in new markets in Asia and Africa.
