The Philippines: San Miguel Brewery reports double-digit increase in January-September net income
San Miguel Brewery Inc. (SMB), the flagship beer business of San Miguel Corp. (SMC), reported a double-digit increase in its net income for the first nine months of the year, citing looser restrictions and the reopening of markets, the GMA Network reported on November 6.
SMB said its net income climbed 15% to P16.2 billion, as revenues increased 21% owing to higher domestic and international volumes during the period.
“Among our businesses, SMB has perhaps been the most affected by the pandemic because of restrictions not just throughout the country, but also in its international markets,” SMC President and Chief Executive Officer Ramon Ang said in an emailed statement.
“But because of its strong, iconic brands and the agility of our people to respond to rapidly changing market conditions, SMB has remained resilient and has sustained its strong momentum,” he added.
Metro Manila and 72 other localities will remain under Alert Level 1 — the loosest form of COVID-19 pandemic restrictions — until November 15.
“With our economy back in full swing and our major markets reopened, we’re even more upbeat and positive about our full-year prospects, heading into the holidays,” Ang said.
SMB’s portfolio includes the brands Red Horse Beer, San Mig Light, San Miguel Flavored Beer, San Mig Zero, Gold Eagle Beer, San Miguel Super Dry, San Miguel Premium All-Malt Beer, Cerveza Negra, Kirin Ichiban, and San Miguel Pale Pilson.
The company has seven production facilities across the country, with a distribution system serving some 471,000 retail outlets.
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