San Miguel Food and Beverage Inc. on Wednesday reported brisk beer and spirits sales in the first nine months that boosted income by 4 percent to P27.5 billion from last year’s P26.34 billion.
Consolidated revenue grew 6 percent to P276.7 billion from last year’s P261.54 billion.
“Despite the constantly evolving market conditions, we remain committed to delivering sustained growth and value to all our stakeholders. Our confidence is rooted in the strength of our product portfolio and operational capabilities. More importantly, SMFB’s commitment to contributing to the nation’s food security remains as strong as ever, reflecting our dedication to playing a key role in our country’s growth and development,” Ramon S. Ang, the company’s president and CEO of SMFB, said.
The company said its beer business under San Miguel Brewery Inc. reported a 9 percent growth in consolidated sales to P108.3 billion, spurred by higher demand from both domestic and overseas markets.
Domestic sales climbed 9 percent to P96.3 billion due to effective marketing campaigns and expanded sales initiatives. Revenue from its international operations, on the other hand, rose 9 percent, driven higher by robust exports to Hong Kong and South China markets.
Its spirits business under Ginebra San Miguel Inc. remains on track for another good year with higher sales volume in the third quarter. Revenue grew 13 percent to P38.9 billion from P34.53 billion as a result of strategic pricing and effective promotions. Net income was up 62 percent to P5.5 billion from the previous P3.38 billion.
San Miguel Foods revenue totaled P129.4 billion, essentially flat from previous of P129.01 billion.
“Its outlook remains positive with anticipated cost benefits from declining raw material prices,” the company said.
