Philippines: San Miguel Corporation (SMC) announced on October 1 sustained its steady growth for the first eight months of 2004 with consolidated operating income reaching P10.1 billion, 35% better than last year. This was achieved on consolidated revenues of P107.9 billion, 12% higher than last year. Corporate volume in the January-August period grew by 6%.
Consolidated net income to-date rose 28% to P4.76 billion from last year's P3.72 billion despite higher financing charges.
Higher volumes of beer and the fixed cost containment of the Coca-Cola Beverage Group continued to account for these improvements.
Domestic Beer Operations’ sales volume for the eight-month period rose 16% from last year. Corresponding sales revenue as of August was P23.4 billion, up 20%, while operating profit was P4.71 billion, 25% better than a year ago. The benefits of improved distribution, right product portfolio and the influx of new drinkers in the market resulted in these gains.
Beer International sales volume for the first eight months was 13% above last year’s level. Year-to-date sales revenue of US$166.3 million is 14% better than last year’s US$145.3 million.
San Miguel Corporation is the largest publicly-listed food, beverage, and packaging company in the Philippines. Founded in 1890 as a brewery, the company has over 100 facilities in the Philippines, Southeast Asia, China, and Australia. San Miguel's flagship product, San Miguel Beer, holds over 90% share of the Philippine beer market. It is among the world's largest selling beers and is one of the top three brands in Asia. The Company has five breweries in the Philippines, one brewery each in Indonesia and Vietnam, and four breweries in China, including Hong Kong. Ginebra San Miguel, Inc., a San Miguel subsidiary, is the leader in the Philippine distilled spirits market.
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