San Miguel Food and Beverage Inc. (SMFB) reported a modest 2 percent increase in net income for the first quarter, reaching P11.8 billion from P11.58 billion a year earlier.
Total revenues rose 4 percent to P103.1 billion, supported by steady demand across its food, beer, and spirits businesses. However, the company said global challenges—such as geopolitical tensions, volatile fuel prices, and rising costs—continued to affect operations.
Chairman Ramon S. Ang said the company is focusing on controlling costs and strengthening its supply chain to ensure stable food production despite external uncertainties.
The food unit posted an 8 percent increase in net income to P3.3 billion, with revenues up 7 percent to P49.6 billion. Growth was driven by strong demand for animal feeds and branded products like Magnolia dairy, coffee, and Purefoods meats. Operating income rose 10 percent to P4.9 billion.
San Miguel’s beer unit saw net income drop 5 percent to P6.2 billion, even as revenues edged up 1 percent to P36.8 billion. Higher taxes and costs weighed on performance, though price adjustments and marketing efforts helped support sales. Core brands such as San Miguel Pale Pilsen and Red Horse, along with newer products, continued to be promoted. International sales were also affected by the Middle East crisis.
The spirits business, led by Ginebra San Miguel Inc., recorded a 9 percentbrise in net income to P2.3 billion. Revenues grew 3 percent to P16.7 billion, while operating income jumped 13 percent to P2.8 billion, driven by cost controls and brand-building efforts.
SMFB said it will continue investing in operations and its supply chain while keeping costs in check, as it aims to strengthen its core businesses and sustain long-term growth.
