San Miguel Food and Beverage Inc. (SMFB) reported that it has sustained its earnings growth as net income improved by seven percent to ₱40.9 billion last year on the back of the strong performance of its core businesses.
In a statement, the firm said that it remained resilient despite evolving market conditions, leveraging strategic investments, operational efficiencies, and sustained consumer demand to drive revenue and profitability.
SMFB’s consolidated sales increased six percent year-on-year to ₱400.9 billion, fueled by higher volumes and market expansion initiatives. Gross profit increased 10 percent to ₱110.9 billion, supported by cost efficiencies and a favorable product mix.
Income from operations grew 15 percent to ₱55.8 billion, and earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at ₱73.1 billion, maintaining an 18 percent margin.
“Our performance in 2024 reflects the strength of our brands, operational excellence, and disciplined execution of our growth strategies,” said SMFB Chairman Ramon S. Ang.
He added that, “We continue to invest in innovation, expand our market reach, and optimize efficiencies to drive sustainable, long-term value for all our stakeholders.”
Sales of San Miguel Foods grew three percent to ₱185 billion, with growth led by prepared and packaged food, up 12 percent, driven by strong demand for hotdogs, dairy, and coffee.
The business reported a 37 percent increase in operating income to ₱13.3 billion and a 33 percent growth in net income to ₱8.4 billion, supported by efficient operations and moderate cost increases.
EBITDA for the food business reached ₱21.3 billion, reflecting strong demand and cost management.
San Miguel Brewery Inc.’s sales grew four percent to ₱153.4 billion as domestic sales totaled ₱137.6 billion, while international sales amounted to $276.5 million.
Operating income increased six percent to ₱33.4 billion, while net income was up 1% to ₱25.6 billion. EBITDA for the beer business reached ₱41.8 billion, reflecting a stable profitability level and strong cost efficiencies.
Meanwhile, Ginebra San Miguel Inc.’s sales surged 17 percent to ₱62.5 billion, driven by volume growth of nine percent. The spirits business benefited from strong demand and increased popularity among a wider range of consumers.
Operating income increased 26 percent to ₱8.6 billion, while net income rose three percent to ₱7.3 billion. EBITDA stood at ₱9.5 billion.