San Miguel Food and Beverage Inc. (SMFB) reported an 11 percent increase in net income for the first nine months of 2024, reaching P30.4 billion, up from P27.48 billion in the same period last year. Sales also rose by 5 percent to P291.1 billion from P276.65 billion in 2023.
In a statement released on Wednesday, SMFB chairman Ramon S. Ang attributed the strong performance to the company’s diversified portfolio and strategic investments. “Our performance this year highlights the strength of our diversified portfolio,” Ang said. “Through strategic investments in our brands, cost management, and by adapting to market trends, we are building resilience and setting the stage for long-term growth.”
Ang also emphasized SMFB’s commitment to nation-building, ensuring that its products and initiatives contribute to economic progress and community support. Despite the challenging business environment, the company maintained a steady net income margin of 10 percent.
SMFB’s food division, San Miguel Foods, posted a 4 percent revenue growth to P134.3 billion, driven by higher volumes and strong demand for key products, such as Purefoods Luncheon Meat, Magnolia dairy, and San Mig Coffee. The prepared and packaged foods segment led the charge, registering an 11 percent revenue increase.
San Miguel Brewery Inc., which reported consolidated revenues of P111.2 billion, saw a modest 3 percent growth, supported by strong domestic sales of P99.1 billion and international sales of $212.4 million.
Ginebra San Miguel Inc. was another standout performer, with a 17 percent increase in sales to P45.6 billion, up from P38.91 billion in 2023, driven by higher prices and strong volume growth in the spirits segment.
Overall, SMFB’s performance underscores its ability to navigate market dynamics and position itself for continued growth in the years ahead.
