The Philippines: San Miguel Brewery posts 12.4% increase in first-semester net profit

Philippine beer giant San Miguel Brewery (SMB) increased its net profit in the first semester by 12.4 percent year-on-year to P13.3 billion as higher sales volume boosted revenues by a double-digit pace, Inquirer.net reported on August 6.

Six-month revenues went up by 12 percent to P 70.3 billion, the beer unit of conglomerate San Miguel Corp. (SMC) disclosed to the Philippine Stock Exchange on August 6.

The growth was attributed to “higher volumes along with campaigns that engaged with consumers and initiatives to expand its footprint here and abroad.”

Earlier, SMC announced it is investing some $650 million to further grow its local and international breweries and bottling plants.

Operating income for the six-month period reached P18.9 billion.

Meanwhile, the international operation of SMB similarly posted improvement in revenue and operating income. This was attributed to “higher export efficiencies, prudent fixed cost management and favorable selling prices in Vietnam, Thailand, and Indonesia.”