The Philippines: San Miguel Brewery sees 26% increase in first-half consolidated net income
San Miguel Brewery, Inc. (SMB) recorded a 26% increase in its consolidated net income in the first half to P13.5 billion on the back of strong sales figures, BusinessWorld Online reported on August 2.
In a statement on Wednesday, the brewing unit of San Miguel Corp. (SMC) also said its consolidated operating income rose 12% to P16.4 billion.
“We continue to see strong demand for our beer products. Through solid marketing strategies and a portfolio mix that gives consumers greater choice, we are able to keep our brands relevant and adapt to changing consumer needs and preferences,” SMC President and Chief Executive Officer Ramon S. Ang said.
SMB attributed the profit growth to the positive sales performance of its domestic and international operations, along with a more favorable business environment.
It said consolidated revenues during the period rose 14% to P74.1 billion versus the P65 billion logged a year ago.
SMB’s domestic beer volumes rose 9% due to new brand campaigns and offtake-generating programs, while international operations posted 16% higher sales volume carried by the export business and operations in Hong Kong and Thailand.
On August 2, SMC shares at the local bourse closed unchanged at P109 per share.
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