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Manila Bulletin devider Business devider The Stock Market devider SMFB generates P27.5-B profit in 9 months

SMFB generates P27.5-B profit in 9 months

Published Nov 8, 2023 08:17 am

San Miguel Food and Beverage Inc. (SMFB), a core unit of diversified conglomerate San Miguel Corporation, posted a 4.6 percent growth in consolidated net income to P27.5 billion in the first nine months of 2023 from P26.3 billion in the same period last year.

In a statement, the firm said it continued to overcome economic challenges in the first nine months of the year to post a healthy six percent increase in consolidated revenues to P276.7 billion from P261.5 billion in the comparative period of 2022.

RAMON-ANG-PHOTO2.jpg
SMFB President and CEO Ramon S. Ang

“Despite the constantly evolving market conditions, we remain committed to delivering sustained growth and value to all our stakeholders. Our confidence is rooted in the strength of our product portfolio and operational capabilities,” said SMFB President and CEO Ramon S. Ang.

He added that, “more importantly, SMFB's commitment to contributing to the nation’s food security remains as strong as ever, reflecting our dedication to playing a key role in our country's growth and development.”

The company’s strategic response to inflation and cost pressures along with higher volume growth resulted in a four percent rise in EBITDA to P48.3 billion.

SMFB’s Beer business reported a nine percent growth in consolidated sales to P108.3 billion, spurred by higher demand in both domestic and overseas markets.

Domestic sales climbed nine percent to P96.3 billion due to effective marketing campaigns and expanded sales initiatives. Revenue from its international operations, on the other hand, rose nine percent, driven by robust demand from its exports, Hong Kong, and South China markets.

Beer business’ consolidated EBITDA was 12 percent higher than the same period last year at P29.4 billion, while consolidated net income was up 20 percent at P19.4 billion.

Meanwhile, its Spirits business remains on track for another good year with higher sales volume in the third quarter.

Revenues grew 13 percent to P38.9 billion as a result of strategic pricing and effective promotions, among others. EBITDA and net income were up 48 percent and 62 percent at P7.4 billion and P5.5 billion, respectively.

SMFB’s Food business held steady amid inflationary pressures with revenues reaching P129.4 billion from P128 billion last year. Its outlook remains positive with anticipated cost benefits from declining raw material prices.

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Ramon S. Ang San Miguel Food and Beverage Inc.
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