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Manila Bulletin devider Business devider The Stock Market devider SMFB posts P20-billion net income in first half

SMFB posts P20-billion net income in first half

Published Aug 7, 2024 07:47 am

San Miguel Food and Beverage Inc. (SMFB), one of the core units of diversified conglomerate San Miguel Corporation, reported that its net income improved by six percent to P20 billion in the first half of 2024, driven by continued business growth.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said earnings before interest, taxes, depreciation, and amortization (EBITDA) was up five percent to P33.9 billion during the period under review.

Consolidated sales for the period ending June 30, 2024 increased by four percent to P192.9 billion while income from operations grew 16 percent to P26.6 billion.

“SMFB has had a strong start to the year, and we remain focused on leveraging our strengths to drive growth and efficiency," said SMFB Chairman Ramon S. Ang.

He added that “we are also committed to supporting our nation's food security and economic growth by expanding access to essential products. We are very optimistic about the opportunities ahead and confident in our ability to deliver continued value to all our stakeholders.”

San Miguel Foods saw a three percent sales increase to P87.8 billion, driven by the double-digit revenue growth in Prepared and Packaged Foods along with resilient Poultry sales. Key products such as hotdogs, luncheon meat, dairy, and coffee also maintained strong sales.

Higher volumes, improved pricing, and lower raw material costs contributed to a 41 percent increase in EBITDA to P10 billion, while operating income doubled to P6.4 billion.

Consolidated revenues of San Miguel Brewery Inc. rose by one percent to P75.1 billion, driven by improved sales volume in the second quarter. EBITDA reached P19.2 billion, and operating income P15.9 billion.

The company expects stronger performance in the second half of 2024, supported by targeted sales initiatives and increased focus on specific channels.

Ginebra San Miguel Inc. reported an 18 percent sales increase to P30 billion, driven by 10 percent volume growth, along with effective marketing campaigns, new products, and expanded distribution.

Despite rising costs, operating income rose 31 percent to P4.4 billion, demonstrating strong brand performance and supply chain efficiency.

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