San Miguel Food and Beverage, Inc. (SMFB) posted a 9 percent improvement in consolidated net income to P26.3 billion in the first nine months of the year as it maintained strong growth momentum during the third quarter.

In a statemen, the firm said consolidated revenues rose 18 percent year-on-year to P261.5 billion in the first nine months of 2022 as a result of underlying volume growth across its beer, spirits, and food divisions.

In addition, price increases were implemented across the various product portfolios to offset challenges posed by higher raw materials costs and a weaker Peso.

SMFB’s Beer business reported consolidated revenues of P99 billion, up 21 percent from last year due to higher volumes as well as a price increase implemented in the later part of 2021.

Meanwhile, the SMFB’s Spirits business continues to be the leading spirits maker in the country with revenues growing 12 percent year-on-year to P34.5 billion, driven by positive volume growth and a modest price increase earlier in the year.

SMFB’s Food business also sustained its growth, posting consolidated revenues of P128 billion, an 18 percent increase over the prior year.

Almost all Food businesses delivered double-digit growth, including its Prepared and Packaged Food segment. Consolidated EBITDA for the Food business amounted to P15.4 billion, 3 percent higher year-on-year.

“Our solid performance and strong fundamentals today are a reflection of the investments we made over the years, as well as our focus on execution to drive growth and profitability,” said SMFB President and CEO Ramon S. Ang.

He added that, “We continue to implement performance improvement measures and prudently invest in projects that will further solidify our market-leading positions in the markets we operate.”

“We remain fully committed to building long-term value for all our shareholders, as well as deliver quality products for the everyday needs of the consumers,” said Ang.