San Miguel Pure Foods Company Inc. – groomed to be a food and beverage powerhouse that will soon tap the local capital market – grew its net profit last year by 16 percent to P6.9 billion on higher volumes from its poultry, fresh meat and processed food businesses.
Consolidated operating income grew by 11 percent to P9.9 billion, attributed to improved operational efficiencies, Purefoods disclosed to the Philippine Stock Exchange on Wednesday.
Consolidated revenues grew by 5 percent to P117 billion as combined revenues from the feeds, poultry and fresh meat rose by 6 percent on better sales mix and favorable prices of chicken and fresh meat.
Meanwhile, the milling business was weighed down by the continued deceleration of global wheat prices. Revenues for the year declined by 3 percent, but the business remained profitable despite the margin squeeze.
The branded value-added business continued to grow the core, driven primarily by the strong performance of processed meats, the launch of new products, and intensified brand-building activities, the company said. Revenues for this segment grew by 6 percent.
“Moving forward, as we strive to further strengthen our market leadership, we will continue to grow our product offerings. We’re very much encouraged by the positive response that our new products have received from consumers,” said Ramon S. Ang, president of Purefoods’ parent conglomerate San Miguel Corp.
“Apart from that, we will continue to execute on our capacity expansion program in order for us to meet our long-term growth targets and continuously provide for the growing and evolving needs of our customers,” he added.