San Miguel Food and Beverage Inc. (SMFB) said its income in the first quarter rose 66 percent to P9.68 billion from last year’s P5.82 billion, as it implemented programs to adapt to changing market conditions.
Consolidated sales in the January-to-March period reached P76.36 billion, up 11 percent from last year’s P69.01 billion.
“Our first quarter results reflect the resilience of SMFB throughout the crisis. The group has proven its agility and ability to control costs, manage cash, and stay on track to deliver long-term profitable growth while ensuring our products are always available to our customers and vulnerable communities that need them the most,” SMFB President and CEO Ramon S. Ang said.
Beer brewer San Miguel Brewery Inc. posted a net income growth of 45 percent to P5.46 billion for the period.
Consolidated revenues of P28.84 billion for the first quarter was up by only 2 percent from last year.
Volumes remained depressed with the continued closure of most on-trade channels and the lingering impacts of the enhanced community quarantine in Metro Manila and nearby provinces.
Liquor maker Ginebra San Miguel Inc.’s income more than doubled to P1.04 billion for the period, as revenues grew by half to P11.34 billion from the previous year’s level.
The company said it posted a 29 percent year-on-year increase in volumes, the highest sales volume in a single quarter in the company’s history.
San Miguel Foods, meanwhile, had a net income of P3.39 billion, more than double from the same period last year.
First quarter consolidated revenues reached P36.18 billion, up 9 percent from the same period in 2020. Growth was driven by demand and more stable pricing across all business segments.
It said it posted an 11 percent year-on-year growth of its protein segment, which continues to recover given improved market demand-supply dynamics.
The company said it was able to adapt to changes by launching its community resellers program, now totaling close to 11,000 active resellers, to improve availability and consumer access to its poultry and other products.
Its prepared and packaged food segment, meanwhile, remained as a bright spot for the business, growing 6 percent as consumers continued to prefer at-home dining.
“As we continue to navigate the pandemic, we remain optimistic about the future and stay focused on driving investments in products and innovate on systems that will better address the needs of Filipinos. We will work hard with greater efficiency and flexibility in order for our country to emerge from this pandemic stronger and more formidable,” Ang said.
Image courtesy of www.smfb.com.ph
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