Ginebra San Miguel Inc., the conglomerate’s liquor maker, reported record net income of P4.5 billion last year, 9 percent higher than the previous year’s P4.17 billion.
The spirits maker said it achieved record growth despite the challenging headwinds caused by global supply chain disruptions, high inflation and the weak peso against the US dollar.
Consolidated sales for the year reached P47.3 billion, 11 percent more than the previous year’s P42.53 billion, while income from operations reached P6 billion, 13 percent higher year-on-year.
Strong brand equity, relevant campaigns, and continued push to expand distribution coverage in new markets enabled Ginebra to sustain its volume ascent and remain the market leader in the hard liquor category.
“The company is one of the few companies that continued to grow despite the challenges of the past years. This is genuine proof of the company’s strength and true resiliency,” Ginebra president and CEO Ramon S. Ang said.
In 2022, Ginebra’s 7-percent volume growth across various product lines significantly boosted the company’s bottom line.
Flagship brand Ginebra San Miguel delivered record-breaking sales volumes, the highest in the history of the brand.
Chinese wine Vino Kulafu also saw substantial volume increases in 2022, while GSM Blue Flavors and Primera Light Brandy sustained high volume growth as the popularity of these brands continued to rise.
Ginebra’s board, in a meeting held last week, also approved the declaration and payment of regular cash dividends of P0.75 and special cash dividends of P1.75 on common shares to all shareholders of record as of March 24.
