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Manila Bulletin devider Business devider The Stock Market devider San Miguel Brewery's domestic earnings hit P23.4 billion

San Miguel Brewery's domestic earnings hit P23.4 billion

Published Nov 5, 2024 08:38 am

San Miguel Brewery Inc. (SMB) reported a 36.7 percent increase in net income to P23.4 billion from its Philippine operations in the first nine months of the year.

In a statement, the subsidiary of diversified conglomerate San Miguel Corporation said this growth includes dividends of P7.4 billion from SMB’s international business.

As of September 30, 2024, domestic revenues reached P98.8 billion, up 2.7% from the previous year due to better third quarter performance.

In the third quarter alone, beer sales volume increased by 3.9 percent, or 1.9 million cases, recovering from a slower first half. This growth was driven by targeted sales and marketing efforts, along with volume-boosting programs.

“San Miguel Brewery’s strong performance reflects our dedication to keeping consumers engaged with our iconic brands and making sure there’s a San Miguel beer for every occasion and preference,” said SMB Chairman Ramon S. Ang.

He added that, “We will build on this momentum to drive continued growth, support San Miguel’s mission to help boost the economy, and make a positive impact on the lives of more Filipinos.”

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Ramon S. Ang San Miguel Brewery Inc. San Miguel Corporation
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