GSMI booked record profit in 2022

MANILA,  Philippines  – Ginebra San Miguel Inc. (GSMI), the spirits arm of food, drinks and infrastructure conglomerate San Miguel Corp., posted record profits in 2022 on strong sales.

In a statement on Monday, the company said net income rose 9 percent to P4.5 billion “despite the challenging headwinds caused by global supply chain disruptions, high inflation, and the weak peso.”

Total sales climbed 11 percent to P47.3 billion as it enjoyed strong volume growth and higher selling prices.

“GSMI is one of the few companies that continued to grow despite the challenges of the past years. This is genuine proof of the company’s strength and true resiliency,” GSMI president and CEO Ramon S. Ang said in the statement.

The company said income from operations also expanded by 13 percent to P6 billion while earnings before interest, taxes, depreciation, and amortization reached P6.7 billion, up 7 percent.

Total selling volume for the year grew 7 percent across its products.

This included flagship brand Ginebra San Miguel, whose sales reached historic highs.

The company also boosted marketing efforts for products such as GSM Premium Gin and Antonov Vodka.

GSMI said its board approved the declaration of regular cash dividends of P0.75 per share and special cash dividends of P1.75 per share to stockholders on record as of March 24 this year.

GSMI shares, which surged nearly 20 percent this month, closed Monday’s session down by 3.33 percent to P145 per share.