MANILA -The flagship beer arm of conglomerate San Miguel Corp. (SMC) saw robust profit growth in the first quarter of the year on strong domestic and international sales.
San Miguel Brewery Inc. (SMB), a venture with Japan’s Kirin Holdings, booked a net income of P6.8 billion, up more than 38 percent from the same period last year, a statement over the weekend showed.
Total revenue rose 29.3 percent to P38.3 billion, it added.
SMB said its quarterly financial performance came on the back of “positive sales performance of both its domestic and international operations amid the continued easing of COVID-19 restrictions”.
SMB is controlled by publicly-listed food and drinks giant San Miguel Food and Beverage, which has yet to release its preliminary first quarter results.
Established in 1890, SMB is the country’s largest beer maker with a market share of more than 90 percent.
The company ended the quarter with a consolidated operating income of P8.4 billion, up 25 percent
Domestic beer sales rose over 26 percent as it rolled out “new brand campaigns and offtake-generating programs, complemented by relaxed restrictions”.
It said international sales climbed 28.5 percent, led by higher exports and its Hong Kong operations. Volumes were still 16.4 percent below sales in 2019, it added.