The Philippines: San Miguel Brewery’s net income up 6.4% in 2022
San Miguel Brewery Inc. on March 10 reported a consolidated net income of P21.80 billion in 2022, up by 6.4 percent from 2021, The Manila Times reported.
The result was said to have been propelled by a greater focus on consumer needs through innovation, consumer engagement programs and increased marketing support that was backed by a favorable market environment.
Sales revenue grew to P 136.20 billion in 2022, a 17.2-percent increase compared to last year.
Operating income rose by 9.7 percent P29.50 billion, which resulted in a 21.7-percent operating margin for the year. This was attributed to volume growth, a favorable brand mix and the implementation of cost efficiency initiatives.
For its domestic beer products, the company said it had staged rollouts to boost consumer demand.
These include San Mig Flavored Water, an unsweetened non-carbonated drink, and San Mig Hard Seltzer made from sparkling water with a 5-percent alcohol content. Launched in December was San Miguel Cerveza Blanca, a wheat beer positioned in the upscale market.
The firm said it also implemented several packaging innovations for some products.
On the international side, San Miguel Brewery said operations likewise posted a strong growth due to higher volumes, better operational efficiencies and prudent cost management.
Indonesia continued its volume growth and profit uptrend while Thailand capitalized on the strength of specialty beers and premium brands, the firm said.
Meanwhile, San Miguel Brewery International Ltd.'s exports operations posted a third consecutive year of higher volume and profit, particularly in markets like the United Arab Emirates, Qatar, the United States and Bahrain as well as in new markets in Asia and Africa.
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