MANILA -Billionaire Andrew Tan’s liquor conglomerate Emperador Inc. said net income slipped on inflationary pressures while revenues rose on strong demand for alcoholic drinks.
Emperador, the country’s biggest brandy producer, ended the year with a net income of P10.1 billion versus P10.8 billion in 2021, a statement on Wednesday showed.
Revenues during the period rose 12 percent to P68.2 billion.
“We achieved top line growth to end the year with a banner performance in 2022 despite the challenges posed by high inflation, and supply chain and logistics issues,” Emperador president Winston Co said in the statement.
“There was a lot of volatility last year, but our overall global business remained strong, led by Emperador’s single malt whiskies, which continued to enjoy strong demand across the globe. We look forward to an even better performance in 2023,” he added.
Emperador also owns overseas brands such as Fundador and Whyte and Mackay.
It said whisky sales grew 18 percent while brandy revenues were up by 9 percent last year.
“Last year’s robust performance of Emperador Inc.’s whisky segment was propelled by higher sales of its single malt whiskies across almost all of the conglomerate’s key markets around the world led by Asia, North America, and Europe, as well as the resurgence of travel retail,” the company said.
“The brandy segment, meanwhile, sustained year-on-year topline growth particularly in the Philippines, Spain, Mexico, and North America,” it added.
In 2022, Emperador completed a secondary listing on the Singapore Exchange Securities Trading Ltd.
Its whisky and brandy products are currently available in over 100 countries around the world. It earlier announced plans to bring international sales to 50 percent of revenues and profits by 2025.
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https://business.inquirer.net/372230/emperador-feels-inflation-pinch-9-month-profit-slips