The country’s leading beer-maker San Miguel Brewery grew net profit last year by 31 percent to P17.7 billion, driven by record-high domestic volumes amid robust consumer spending during the presidential election year.
Consolidated revenues reached P97.2 billion, 18 percent higher than the level in the previous year, SMB reported on Monday.
As a result, operating income reached P27.2 billion, improving from P22.63 billion in the comparative year.
“SMB’s domestic operations reported its highest-ever sales volume of 202.6 million cases, 15 percent better than last year. The company synonymous with beer—nine out of 10 beers sold in the Philippines are San Miguel beer brands—aggressively ramped up distribution, executed strong marketing campaigns and sales initiatives focused on increasing demand and consumption of its products,” SMB said in a press statement.
“Election-related spending, growth in consumer confidence and the positive outlook for consumer spending also helped sales,” the company added.
SMB said its international operations had also posted significant improvements in revenue and operating income driven by price adjustments, higher export volumes and cost management programs.