The Philippines: San Miguel Brewery’s Q1 net income up 38.2%
San Miguel Brewery (SMB), the Philippines’ largest, posted a consolidated net income of P6.8 billion in the first quarter, surpassing the year-ago level by 38.2 percent, while operating income rose to P8.4 billion, up 25 percent compared to a year ago, the Philippine Star reported on May 1.
SMB raked in first quarter revenues of P38.3 billion, 29.3 percent higher than the P29.7 billion it recorded in the same period last year, on the positive sales performance of both its domestic and international operations amid the continued easing of COVID-19 restrictions.
The company’s domestic beer volume grew by 26.1 percent on the back of new brand campaigns and off-take generating programs, complemented by relaxed restrictions.
Its international operations, meanwhile, posted a 28.5 percent increase in sales volume from its exports business and Hong Kong operations.
Volumes, however, are still 16.4 percent short of 2019 pre-pandemic levels.
SMB has been continuously updating and strengthening its product portfolio.
In the past five years, the company expanded its portfolio to include new brands that mirrors the demand in the market.
It is the largest producer of beer in the Philippines, with nine out of 10 beer drinkers preferring its brands.
At present, it has at least 11 San Miguel Beer brands - San Miguel Pale Pilsen, San Miguel Premium All-Malt Beer, San Miguel Super Dry, Cerveza Negra, Red Horse Beer, San Mig Light, San Miguel Flavored Beer, San Mig Zero, Gold Eagle Beer, Kirin Ichiban and San Mig Free.
SMB has at least seven production facilities strategically located across the Philippines to ensure product availability and freshness, and a highly developed distribution system serving approximately 471,000 retail outlets.
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