Purefoods nets P870 million in Q1
Screengrab from sanmiguelpurefoods.com
MANILA, Philippines — San Miguel Pure Foods Co. Inc. (SMPFC) grew its first quarter net profit by 24 percent year-on-year to P870 million on higher volume and selling prices as well as improved operating efficiency.
Purefoods’ consolidated revenues for the first three months of the year reached P24.2 billion, posting a 5-percent increase over the same period last year.
In a press statement, the food unit of conglomerate San Miguel Corp. said it was confident it could sustain this growth momentum.
Purefoods’ commodity businesses posted 9 percent revenue growth compared to the same period last year, which was attributed by the company to higher volume and better selling prices.
The company said exclusive retail outlets had contributed to the volume growth.
The branded higher-value businesses, which carry the core brands Purefoods, Tender Juicy, Magnolia, and San Mig Coffee, generated a combined revenue growth of 4 percent. This growth was mainly driven by the Magnolia dairy, fats and oils and coffee segments, which posted double-digit growth.
Meanwhile, Purefoods said its international business in Indonesia sustained its recovery with the introduction of new products.
“The export business also showed continuous growth with the expansion to new territories and markets,” the company said.
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