The Philippines: San Miguel’s net income rises thanks to higher food, beer revenues

San Miguel Food and Beverage Inc. (SMFB) said on August 7 its first-half net income rose 6 percent to P20 billion on higher food and beer revenues, Manila Standard reported.

SMFB said in a disclosure to the stock exchange consolidated sales increased 4 percent to P192.9 billion as of end-June 2024. Income from operations grew 16 percent to P26.6 billion.

“SMFB has had a strong start to the year, and we remain focused on leveraging our strengths to drive growth and efficiency,” said SMFB chairman Ramon Ang.

“We are also committed to supporting our nation’s food security and economic growth by expanding access to essential products. We are very optimistic about the opportunities ahead and confident in our ability to deliver continued value to all our stakeholders,” Ang said.

San Miguel Foods saw a 3-percent sales increase to P87.8 billion, driven by the double-digit revenue growth in prepared and packaged foods.

Higher volumes, improved pricing and lower raw material costs contributed to a 41-percent increase in EBITDA (earnings before interest, taxes, depreciation, and amortization) to P10 billion, while operating income doubled to P6.4 billion.

Consolidated revenues of San Miguel Brewery Inc. inched up by 1 percent to P75.1 billion, driven by improved sales volume in the second quarter.

Ginebra San Miguel Inc. also reported an 18-percent sales increase to P30 billion, driven by 10-percent volume growth, along with effective marketing campaigns, new products and expanded distribution. Jenniffer B. Austria

Operating income rose 31 percent to P4.4 billion on strong brand performance and supply chain efficiency despite rising costs.

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