MANILA, Philippines -Industry giant San Miguel Brewery Inc. saw strong demand for its beer in 2022 as net income during the period rose 6.4 percent to nearly P22 billion.
Total sales also climbed 17.2 percent to P136.2 billion while operating income hit P29.5 billion, up 9.7 percent.
“This was attributed to significant volume growth, favorable brand mix, and implementation of cost efficiency initiatives, boosting its domestic and overseas volumes and profit,” the beer giant said in a statement on Friday.
Gains were backed from robust local and international sales.
San Miguel Brewery also introduced new products such as San Mig Flavored Water and San Mig Hard Seltzer made from sparkling water with a 5-percent alcohol content.
Last December, it launched San Miguel Cerveza Blanca, a wheat beer targeting the upscale market.
It further implemented packaging innovations with the release of limited edition beer cans.
Meanwhile, the company’s international business saw higher volumes while margins were protected by “operational efficiencies and prudent cost management.”
It said the Indonesia segment continued its “volume growth and profit uptrend” while Thailand saw increased sales for speciality and premium-brand beers.
The company’s exports operations posted its third consecutive year of higher volume and profit, particularly in markets like United Arab Emirates, Qatar, the United States, Bahrain as well as in new markets in Asia and Africa.