San Miguel consumer unit delivers record earnings

The flagship consumer business of conglomerate San Miguel Corp. delivered record-high earnings in the first semester as its beer and hard liquor segments grew at a faster pace despite skyrocketing fuel and raw material costs.

San Miguel Food and Beverage Inc. (SMFB) reported a six-month consolidated net income of P18.8 billion, up 8 percent from the same period last year.

Consolidated revenues grew 17 percent to P172.1 billion, driven by gains in volume and pricing adjustment across its beer, spirits, and food divisions in order to mitigate the impact of input cost increases.

“Our financial position and long-term fundamentals remain strong, notwithstanding current macroeconomic headwinds. We remain committed to delivering operational excellence and value to all our stakeholders, as well as good quality products for the everyday needs of all our consumers,” Ramon S. Ang, SMFB president and CEO, announced on Wednesday.