Ginebra San Miguel Inc. (GSMI) reported a 34 percent growth in net income to P1.4 billion in the first quarter of the year due to higher margins and market share.
In a statement, the firm said it strengthened its lead in the hard liquor category for the first quarter of the year with a market share that is 10-percentage points ahead of its nearest competitor, according to research company Nielsen.
This, as the company sustained growth momentum from last year driving revenues to P12.6 billion, 11 percent higher than in the first quarter of 2021.
GMSI sad strong marketing campaigns along with on-ground activities and aggressive selling contributed to its strong performance.
For full year 2021, GSMI recorded revenues of P42.5 billion, 17 percent higher than previous year, while operating income registered an increase of 39 percent to P5.3 billion.
Despite the pandemic persisting in 2021, GSMI delivered strong sales to close at nearly 42 million cases—the highest sales ever in a single year, and posted a full-year net income of P4.2 billion, 52 percent higher than prior year—setting a new record for the company.