The Philippines: San Miguel Food and Beverage records 8% increase in first-half consolidated net income

San Miguel Food and Beverage, Inc. (SMFB) recorded an 8% increase in first-half consolidated net income to P18.8 billion as revenues increased, driven by volume gains and pricing adjustments across its product lines.

“Our financial position and long-term fundamentals remain strong, notwithstanding current macroeconomic headwinds. We remain committed to delivering operational excellence and value to all our stakeholders, as well as good quality products for the everyday needs of all our consumers,” SMFB President and Chief Executive Officer Ramon S. Ang said in a press release on August 3.

SMFB, a unit of conglomerate San Miguel Corp., reported a 17% increase in consolidated revenues to P172.1 billion.

Its beer business registered consolidated revenues of P65 billion for the first six months, 20% higher than the level a year ago.

“As restrictions eased following the COVID-19 (coronavirus disease 2019) Omicron surge in January with more on-premise outlets reopening, the beer business implemented various campaigns in key channels. As a result, its domestic operations reported a marked volume improvement of 20% quarter on quarter,” the company said.

Revenues from its spirits and food businesses jumped by 14% to P23.1 billion and 16% to P84 billion, respectively.

“The food business has been actively working to drive its costs down by improving efficiencies, enhancing productivity, and maximizing utilization of its expansion facilities,” the company said.

“While the global macroeconomic outlook remains uncertain and the remainder of the year may continue to be challenging, SMFB will continue to implement various strategies and efficiencies to mitigate cost pressures and help protect profits,” it added.

SMFB shares climbed by 60 centavos or 1.4% to P43.60 apiece on August 3.

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