The Philippines: San Miguel Brewery reports higher net income for 2019
San Miguel Brewery Inc. reported on June 18 that its net income climbed to P27.3 billion last year, which it credited to the greater consumption of its products and positive economic conditions, The Manila Times reported.
In a statement, the brewery arm of listed San Miguel Corp. said the amount was a 14.5-percent improvement from the P23.84 billion posted in 2018.
Consolidated sales revenue also improved by 10.1 percent to P142.3 billion from P129.2 billion a year earlier.
San Miguel Brewery attributed last year’s strong financial performance to higher consumption, favorable economic conditions, and the implementation of strategic campaigns and demand-generating programs.
It added that better operational capability, cost efficiencies and improved productivity allowed it to meet volume demand.
According to the company, local and overseas volumes for its top brands — San Miguel Pale Pilsen, Red Horse, San Mig Light and San Miguel Flavored Beers — exceeded year-ago levels.
Despite a strong 2019, San Miguel Brewery said it eyed a “sustainable recovery,” as the increase in excise taxes on alcoholic beverages and the coronavirus disease 2019 (Covid-19) pandemic affected its first-quarter results.
Its net income reached P3.8 billion in the first three months, while consolidated sales revenue hit P28.4 billion.
“The implementation of the enhanced community quarantine in [mid-]March — which brought most economic activities to a halt and also brought liquor bans in cities and provinces nationwide — as well as an increase in excise taxes at the start of the year, slowed [our] momentum in the first quarter of 2020,” San Miguel Brewery explained.
Despite its weakened January-to-March performance, the company said it was already implementing programs to help it recover from the impact of the global health crisis. These include operational adjustments, strengthening demand for beer and implementing focused sales programs.
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