Ginebra San Miguel Inc. on Thursday said its income in the January-to-March period more than doubled to P1.04 billion from last year’s P474.35 million due to volume growth and higher selling prices.
Revenues grew more than half to P11.33 billion from last year’s P7.45 billion, partly as a result of the 28-percent increase in volume. Its other income also rose due to the increased requirement on alcohol tolling and higher scrap sales.
The company said the increase in net income was also a result of the lowered income tax rate to 25 percent from 30 percent with the implementation of the Corporate Recovery and Tax Incentives for Enterprises Act.
“Our continuous efforts to invest in strengthening Ginebra San Miguel’s brand equity, and build a deeper connection with consumers, carried us through these uncertain times,” the company’s president Ramon S. Ang said.
“Complementing our strategy of leveraging on the strength of our brands was a well-coordinated, quick return-to-trade strategy, upon the easing of ECQ and implementation of general community quarantine. We also made our products more accessible to more consumers, with deliberate efforts to expand our distribution coverage in high-potential areas, even as restriction measures varied across the country.”
In the early months of the pandemic, Ginebra retooled its production plants nationwide to produce 70 percent ethyl alcohol that was distributed for free to help frontline workers in critical health facilities and local government units.
By the end of 2020, a total of 1.3 million liters of San Miguel Ethyl Alcohol had been delivered to almost 3,700 entities nationwide.
The company is the producer of the world’s largest selling gin Ginebra San Miguel and other distilled spirits.
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