By Iris Gonzales | The Philippine Star
March 10, 2023
MANILA, Philippines — San Miguel Food and Beverage Inc. (SMFB) reported a consolidated net income of P34.7 billion last year, up 10 percent from 2021, despite volatility marked by heightened geopolitical tensions, inflationary pressures and supply chain challenges.
Consolidated revenues rose 16 percent to P358.9 billion, driven by higher volume growth across its beer, spirits, and food divisions.
SMFB president and CEO Ramon Ang said the latest results prove the resilience of the company’s business model.
“Looking to 2023, we expect to continue to deliver operational excellence and invest in growth to drive long-term value for our shareholders. At the same time, we will continue to ensure that our products are within reach of every Filipino,” Ang said.
SMFB’s beer business reported consolidated revenues of P136.2 billion, up 17 percent, of which domestic operations saw volumes grow amid a favorable market environment, continued easing of COVID- 19 restrictions, a buoyant economy, and robust consumer spending.
Its international operations sustained growth with volumes up double-digit from the prior year, on the back of gains in its exports, Indonesia, and Thailand operations.
The spirits business maintained its momentum and posted an 11 percent sales growth to P47.3 billion, driven by higher volumes and a modest price increase earlier in the year.
SMFB’s food business, meanwhile, sustained its robust top-line performance throughout 2022, posting consolidated revenues of P175.3 billion, 16 percent higher than last year.