MANILA -Tycoon Lucio Co’s liquor firm The Keepers Holdings Inc. saw profits surge higher during the first semester of 2023 on the robust performance of Alfonso brandy and a series of price increases.
The Keepers Holdings, the county’s largest imported liquor distributor, said net income from January to June jumped 18 percent to P1.16 billion while total revenues reached P6.5 billion, an increase of 19 percent.
The company attributed the gains to the “strong sales volume performance from imported brandy, wines and specialty beverages”.
“This was driven principally by Alfonso, the leading imported brandy in the market, which has already surpassed its pre pandemic levels, premiumizing market and on-premise channel rebound,” it said in a stock exchange filing on Tuesday.
This also reflected the impact of price increases of 4 percent and 10 percent during a period of elevated inflation.
As a result, gross profit rose by 20 percent during the first half.
The Keepers Holdings said the better financial performance was also supported by a 10 percent growth in volumes of cases sold.
This offset a 27 percent jump in operating costs during the first semester.
“Variable expenses such as distribution cost and advertising and promotional expenses increased by 18 percent and is parallel to the increase in net sales,” the company said.
“Other operating expenses such taxes, transportation and travel, professional fees and insurance covering inventory also posted increase during the period,” it added.
The Keepers Holdings is the importer of other leading liquor and non-liquor brands such as
Johnnie Walker, Chivas Regal, Glenfiddich, Suntory, Jinro, Jose Cuervo, Jim Beam, Penfolds and Red Bull.