MANILA, Philippines–The brewing unit of diversified conglomerate San Miguel Corp. is set to
report “strong” financial results for the full year of 2012 later this week on the back of higher beer sales, aided by the Philippines’ robust economic growth.
According to a company official familiar with the issue, San Miguel Brewery Inc.’s total revenues for last year hit P76 billion, representing an improvement of 5.7 percent over the beer unit’s sales of P71.9 billion in 2011.
“Income from operations is estimated at P22 billion, while net income rose by 20 percent to P14 billion,” said the official, requesting anonymity pending the release of the company’s financial report. The company’s main sales driver is the 122-year-old San Miguel Pale Pilsen brand, which is sold both in the Philippines and overseas.
The official said that company’s 2012 beer bode well for its performance in the first quarter of 2013, adding that sales going forward would continue to be driven by San Miguel Brewery’s “brand and distribution strength.”
San Miguel Brewery is 51-percent owned by SMC while Japanese brewing giant Kirin owns slightly over 48 percent of the company’s stock. Listed on the Philippine Stock Exchange, the brewer is in the process of reverting back to a privately-held company through a tender offer for shares held by public investors that runs until April 3, 2013.
SMC is scheduled to release the report on its 2012 financial performance on March 21, Thursday.