SMB profit up 26% in H1 2023
MANILA -The country’s biggest beer producer, San Miguel Brewery Inc., saw its net income jump 26 percent to P13.5 billion as exports and local sales recorded robust growth during the first six months of the year.
San Miguel Brewery, part of billionaire Ramon Ang-led conglomerate San Miguel Corp., said profit growth was driven by a 14-percent increase in total revenues to P74.1 billion, up 14 percent.
“The company attributed the growth to the positive sales performance of both its domestic and international operations, combined with a more favorable business environment,” said San Miguel Brewery, whose business dates back to 1890 while the Philippines was under Spain’s colonial rule.
Ang, who is also president and CEO of San Miguel Brewery, said the business outlook remains resilient due to “strong demand for our beer products”.
“Through solid marketing strategies and a portfolio mix that gives consumers greater choice, we are able to keep our brands relevant and adapt to changing consumer needs and preferences,” Ang said.
In its statement, San Miguel Brewery said consolidated operating income also expanded by 12 percent to P16.4 billion.
Domestic beer volumes were up 9 percent as the company ramped up marketing activities.
“International operations meanwhile posted a 16 percent increase in sales volume from its exports business and Hong Kong and Thailand operations,” it added.
San Miguel Brewery’s brands include San Miguel Beer and Red Horse. It has seven production facilities across the county and a distribution network that spans around 470,000 retail outlets, data on its website showed.