Tycoon Andrew Tan-led Emperador Inc. grew its first quarter net profit by 43 percent year-on-year to P2.1 billion, a new quarterly record-high for the globalizing liquor-maker, driven by robust brandy and whisky segments.
Emperador—one of the few companies that bucked the earnings downturn caused by the COVID-19 pandemic in 2020—continued its strong performance at the beginning of this year. Three-month revenue rose by 13 percent year-on-year to P12.1 billion.
The company reported that its global business continued to perform well in the first quarter, noting that sales in most markets were returning. Sales out of the Americas, United Kingdom and the rest of Europe, and Asia, particularly China, were cited as the key drivers.
“Our business is growing on multiple levels. We are happy to report a record first quarter income of P2.1 billion, coming from a record year in 2020. Both brandy and whisky segments have seen continuous robust growth,” Emperador president Winston Co said in a disclosure to the Philippine Stock Exchange on Tuesday.
“The current environment has shifted consumer behavior differently in various markets. The company has managed to adapt and grow with consumer and economic movements. We are optimistic that the gains we have achieved will lead the company to a new phase of growth. We expect the situation to improve and return to some level of normalcy toward the end of the year,” he said.