Ginebra San Miguel Inc. (GSMI), the hard liquor arm of San Miguel Corporation (SMC), reported a 17 percent year-on-year growth in consolidated revenues to P15.1 billion in the first quarter of 2024.
In a disclosure to the Philippine Stock Exchange (PSE), the firm said it has sustained its momentum of continuous growth in the last ten years as it strengthens the company’s position in the market.
GSMI, which is commemorating its 190th year, opened the first three months of 2024 with income from operations of P2.3 billion, 40 percent higher versus last year.
Net income was at P1.9 billion, 25 percent lower compared to the previous year, due to a one-time income in March 2023. Excluding this one-time gain, net income would have been higher by 38 percent.
First quarter sales grew on the back of higher sales volumes, which improved eight percent, due largely to the effectiveness of marketing campaigns and consumer promos.
For the full year 2023, GSMI revenues reached P53.6 billion, 13 percent higher than the previous year, driven by strong sales volumes and higher selling prices.
Income from operations reached P6.8 billion, 14 percent higher than in 2022. Net income jumped 66 percent to P7 billion, the highest for the company. The one-time gain from the sale of Don Papa Rum rights further boosted the company's performance.
GSMI stock price significantly improved by 28 percent, closing at P168.7 per share at the end of December 2023 to P215.8 as of May 28, 2024.
As part of the flagship brand’s 190th anniversary celebration, GSMI has lined up activities such as the month-long celebration of World Gin Day in June, as well as Ginumanfest concerts featuring top musical artists and GSMI brand ambassadors.
GSMI is the producer of Ginebra San Miguel, the world’s largest-selling gin, according to the leading global drinks journal, Drinks International. GSMI’s other quality distilled spirits include GSM Blue, Ginebra San Miguel Premium Gin, 1834 Premium Distilled Gin, Antonov Vodka, Añejo Gold Rum, G&T Ultralight Spirit Drink (Gin & Tea), Primera Light Brandy, and the Philippines’ no. 1 Chinese Wine Vino Kulafu.