San Miguel Corp.’s spirits arm, Ginebra San Miguel Inc. (GSMI), posted a robust first quarter, reporting net income of P2.1 billion—an 11 percent increase from the same period last year despite tougher market conditions.
Consolidated revenues rose 8 percent to P16.3 billion, while operating income also improved 8 percent, reaching P2.5 billion. Year-to-date EBITDA climbed 11 percent to P2.8 billion, underscoring GSMI’s sustained momentum.
This strong start builds on more than a decade of steady growth.
In 2024, GSMI achieved record sales of over 50 million cases, growing its local liquor market share. Revenues for the year hit P62.5 billion—up 17 percent—and operating income surged 26 percent to P8.6 billion. Net income last year reached a record P7.3 billion, a 3 percent increase, or 23 percent excluding a one-time gain from the 2023 sale of Don Papa rights.
GSMI credited its strong quarterly performance to the “Ginstanalo sa One Ginebra Nation” promotion, which bolstered flagship brand Ginebra San Miguel and supported growth for Vino Kulafu. The previous year’s “Lamang ang May Tapang” campaign helped boost Ginebra sales by 8 percent, while the current “Kabayani Kita Sa One Ginebra Nation” campaign aims to deepen consumer engagement.
“Our spirits business has shown remarkable resilience, reflecting the broad appeal of our brands,” said GSMI president and chief executive officer Ramon S. Ang.
GSMI produces the world’s largest-selling gin and a diverse portfolio of distilled spirits catering to varied tastes.
