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Manila Bulletin devider Business devider The Stock Market devider SMB profits rise 26% in first semester

SMB profits rise 26% in first semester

Published Aug 2, 2023 07:33 am
San Miguel Brewery Inc. (SMB), the brewing unit of diversified conglomerate San Miguel Corporation (SMC), reported a 26 percent growth in first half consolidated net income to P13.5 billion year-on-year. In a statement, the firm said it saw a robust 14 percent growth in consolidated revenues in the first semester, registering P74.1 billion in sales compared to P65 billion in the same period last year. The company attributed the growth to the positive sales performance of both its domestic and international operations, combined with a more favorable business environment. San Miguel Corporation President and CEO Ramon S. Ang

“We continue to see strong demand for our beer products. Through solid marketing strategies and a portfolio mix that gives consumers greater choice, we are able to keep our brands relevant and adapt to changing consumer needs and preferences,” SMC President and CEO Ramon S. Ang said. SMB posted a consolidated operating income of P16.4 billion, up by 12 percent compared to the same six-month period last the year. The firm's domestic beer volumes grew 9 percent, boosted by new brand campaigns and offtake-generating programs. International operations meanwhile posted a 16 percent increase in sales volume from its exports business and Hong Kong and Thailand operations.
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