San Miguel Brewery Inc. (SMB), the flagship beer business of San Miguel Corporation, posted a 15 percent growth in net income to P16.2 billion from the P14.1 billion earned in the same period last year.
In a statement, SMC said SMB registered higher revenues, volumes, and profits versus last year as mobility restrictions eased and domestic and international markets reopened.
SMB posted consolidated revenues amounting to P99.0 billion, a 21% increase from the P81.8 billion generated in the same period last year, on the back of higher domestic and international volumes.
Improved operational efficiencies resulted in a 22 percent improvement in operating income to P22.2 billion.
“Among our businesses, SMB has perhaps been the most affected by the pandemic because of restrictions not just throughout the country, but also in its international markets,” said SMC President and CEO Ramon S. Ang.
He added that, “But because of its strong, iconic brands and the agility of our people to respond to rapidly changing market conditions, SMB has remained resilient and has sustained its strong momentum.”
“This reflects the fundamental strength of not just the beer business but overall, SMC’s diversified portfolio, which has allowed us to weather challenges. With our economy back in full swing and our major markets reopened, we’re even more upbeat and positive about our full-year prospects, heading into the holidays,” Ang noted.
SMB posted robust domestic results with the further easing of restrictions beginning end of March, which paved the way for the re-opening of on-premise outlets.
This was supported by effective volume-generating efforts and marketing programs across traditional and modern trade channels executed by its various brands. As a result, total domestic revenues reached P88.4 billion, up 19 percent from 2021.
With cost saving-initiatives and operational efficiencies, operating income reached P20.3 billion, 20 percent higher than last year.
SMB’s international operations likewise sustained its positive performance, registering higher volumes in the first nine months.
This was attributed to consistent volume gains in its Thailand, Indonesia, and Export operations, even as the Hong Kong, South China, and Vietnam markets continued to be hobbled by pandemic restrictions.