San Miguel Food and Beverage Inc. (SMFB), the combined food and beverage units of San Miguel Corp., on Wednesday said its net income in January to September grew 68 percent to P24.2 billion from last year’s P14.35 billion.
For the period, SMFB said it posted consolidated revenues of P221.7 billion, up 14 percent from last year’s P194.55 billion as all its businesses registered double-digit sales growth.
“Our results highlight the strength and breadth of our food and beverage portfolio. While there are still impacts from the pandemic, we are hopeful that the worst is behind us and we are on the path to a new, better normal,” SMFB President and CEO Ramon S. Ang said.
“With our balance sheet in a strong position, we remain focused on further strengthening our momentum and continue to invest in areas that we believe will be critical to reaching our longer-term goal of delivering shareholder value while making sure that we do our part in supporting communities that need our help the most,” Ang said.
Revenues from its food business grew 13 percent to P108.9 billion from last year’s P96.37 billion and 8 percent higher if compared with the pre-pandemic figures in 2019 at P101.05 billion.
Revenues from its protein segment rose 20 percent as it continued to tap into existing channels while benefitting from increased sales to community-based outlets while protecting gains in pricing.
Revenues of its animal nutrition and health segment also posted growth driven by higher volumes and supported by its new feed mills. The company’s prepared and packaged food and flour segments also continued to reflect positive performance despite higher material costs, as sales were buoyed both by home consumption and recovery in existing customers’ operations, it said.
San Miguel Brewery Inc. had revenues of P82.1 billion for the period, higher by 13 percent from last year’s P72.48 billion, but down by 21 percent when compared with P103.88 billion in 2019.
The company said it continues to implement cost management initiatives, resulting in a net income of increase of 27 percent to P14 billion from last year’s P11.08 billion.
Its spirits business under Ginebra San Miguel Inc. continued to see strong momentum as it reported a double-digit increase in volumes.
As a result, revenues were up 21 percent to P30.7 billion from the previous year’s P25.34 billion and a 43-percent increase from the P21.43 billion reported in 2019.