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Manila Bulletin devider Business devider The Stock Market devider SMFB net income up 11% to P30 billion

SMFB net income up 11% to P30 billion

Published Nov 6, 2024 07:40 am

San Miguel Food and Beverage Inc. (SMFB) posted an 11 percent hike in consolidated net income to P30.4 billion for the first nine months of 2024 due to significant growth registered across all business segments.

In a statement, the firm said that, for the period ending Sept. 30, 2024, consolidated sales reached P291.1 billion, a five percent increase year-on-year, while operating income increased 15 percent to P39.9 billion.

“Our performance this year highlights the strength of our diversified portfolio. Through strategic investments in our brands, cost management, and by adapting to market trends, we are building resilience and setting the stage for long-term growth,” said SMFB Chairman Ramon S. Ang.

He added that “beyond profits, we view ourselves as partners in nation-building, ensuring that our products and initiatives contribute to economic progress and community support.”

SMFB’s consolidated net income margin remained steady at 10 percent, reflecting its commitment to growth, operational efficiency, and delivering value to shareholders.

Sales of San Miguel Foods rose four percent to P134.3 billion, supported by increased volumes. The Prepared and Packaged Foods segment led the way with an 11 percent revenue increase, driven by strong demand for key products like canned meat, dairy and coffee.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) for this segment rose 39 percent to P15.5 billion, benefiting from top-line growth and lower raw material costs.

San Miguel Brewery Inc. (SMBI) reported consolidated revenues of P111.2 billion, a three percent growth, driven by higher volumes.

EBITDA for the Beer segment was P28.9 billion, with expectations for continued momentum through targeted initiatives.

Ginebra San Miguel Inc. achieved a 17 percent sales increase to P45.6 billion, due to higher prices and volumes.

Operating income significantly increased, with EBITDA at P7.1 billion, boosted by strong brand performance and efficient distribution further strengthened the Spirits segment.

Related Tags

Ramon S. Ang San Miguel Brewery Inc. San Miguel Foods Inc. San Miguel Food and Beverage Inc. Ginebra San Miguel Inc.
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