San Miguel Food and Beverage, Inc. (SMFB), one of the core units of diversified conglomerate San Miguel Corporation, reported a net income of P18.8 billion in the first half of 2023, the same as its record performance in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said it delivered topline growth in the first half of 2023 despite an increasingly challenging environment, marked by rising cost of raw materials, an increase in excise taxes, as well as elevated logistics costs.

In the first six months of the year, consolidated revenues rose 7 percent over the same period in 2022 to P184.6 billion, driven by a combination of volume growth and efficient pricing strategy.

SMFB’s Beer business sustained its growth momentum as consolidated sales jumped 14 percent from last year to P74.1 billion, with improvements in consumer demand from its domestic and international markets. Consolidated net income was up 26 percent at P13.5 billion.

Meanwhile, sales volume of the Spirits business accelerated throughout the semester. Coupled with better selling prices, the business registered a 10 percent improvement in revenues from the same period last year to P25.4 billion. Net income rose 64 percent to P4.1 billion.

SMFB’s Food business, on the other hand, managed to maintain sales revenues at P85.1 billion as it continuously provided cost-conscious consumers what they want amid headwinds from higher raw material costs.

SMFB President and CEO Ramon S. Ang

“As uncertainties and risks to the economic environment remain, we will continue to take the necessary actions to mitigate the impacts on each of our businesses, including leveraging on each of our strengths to improve overall performance,” said SMFB President and CEO Ramon S. Ang.

He added that, “We will continue to invest in building our brands and strengthening our portfolio in order to position SMFB for long-term sustainable growth.”