SMC’s food and beverage unit reports 20% growth in H1 profit

Consumer giant San Miguel Food and Beverage Inc. (FB) grew its net profit in the first semester by 20 percent year-on-year to P15.4 billion on higher earnings across its beer, hard liquor and food businesses.

The food and beverage flagship of conglomerate San Miguel Corp. registered consolidated revenue of P137.4 billion in the first half, up 15 percent year-on-year.

FB’s operating income in the first six months also went up by 20 percent to P22.9 billion.

San Miguel completed the consolidation of its food and beverage businesses into FB on June 29. The latest report reflected the consolidated financials on a comparative basis with last year.

FB’s biggest business, San Miguel Brewery Inc. (SMB), delivered strong volumes for the first half, driven by increased consumption of beer products nationwide and boosted by implementation of new campaigns and consumer and trade programs.

SMB’s consolidated revenue reached P62.5 billion in the first semester, 18 percent higher than last year’s level. Operating income in the first semester rose by 23 percent year-on-year to P17.3 billion.

Hard liquor arm Ginebra San Miguel Inc. (GSMI)’s first semester net income almost doubled from last year, driven by growth posted by core brands Ginebra San Miguel and Vino Kulafu. Revenue and operating income rose by 19 percent and 57 percent year-on-year, respectively, to P12 billion and P862 million.

FB’s food group posted six-month consolidated revenues of P62.9 billion, 12 percent higher year-on-year, mainly driven by the strong performance of feeds, poultry and meats as well as the branded value-added businesses. Operating income grew by 6 percent to P4.7 billion.