San Miguel Corporation's spirits business Ginebra San Miguel Inc. (GSMI) reported a strong start for 2025 with an 11 percent growth in first quarter net income to ₱2.1 billion from the prior year, despite more challenging market conditions.

In a statement, the firm said its consolidated revenues reached ₱16.3 billion, eight percent more than in the same period last year, while operating income also improved eight percent to ₱2.5 billion.

Meanwhile, year-to-date Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of ₱2.8 billion was up 11 percent over the prior year.

“Our spirits business, Ginebra San Miguel Inc., has demonstrated remarkable strength over the years, even in the face of various challenges, including the global pandemic,” said GSMI President and CEO Ramon S. Ang.

He noted that, “The company’s over a decade-long growth trajectory clearly shows the wide appeal of our brands and the company’s overall resilience and strength.”

GSMI said its strong start to the year comes at the heels of continued growth over the last 11 years. In 2024, GSMI surpassed 50 million cases sold for the first time and gained a larger share of the local liquor market.

Sales revenues reached ₱62.5 billion, an increase of 17 percent from 2023. Income from operations also rose to ₱8.6 billion, up 26 percent from the previous year.

For the full year 2024, the company achieved a record net income of ₱7.3 billion, three percent higher than in the prior year. Without a one-time income from the sale of Don Papa's rights in 2023, net income would have increased by 23 percent.

The spirits firm also attributed its robust first quarter performance to the success of its national consumer promo, which helped sustain the popularity of flagship brand Ginebra San Miguel among its core drinkers, and maintain growth for Vino Kulafu.

It noted that, “Strong brand equity and effective market strategies have driven the company's success.” Its 2024 campaign was received well by consumers and helped boost sales of Ginebra San Miguel by eight percent.

This year's marketing campaign aims to further strengthen the deep connection between consumers and the flagship brand.