The Philippines: San Miguel Food & Beverage reports 2019 profit rise thanks to strong beer sales and growth in food division

San Miguel Food & Beverage Inc. said 2019 net profit rose 6%, driven by strong beer sales and growth in its food division, Morningstar.com reported on March 11.

Net profit was 32.28 billion Philippine pesos ($639.3 million), the company said in a filing to the Philippine stock exchange.

Consolidated revenue rose 9% to PHP310.79 billion, supported by higher volumes and average selling prices, San Miguel Food & Beverage said. Beer business revenue grew 10% to PHP142.27 billion.

"We continue to remain confident in the strength of the Philippine consumer and resilience of the economy," Chief Executive Ramon S. Ang said.

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