Ramon Ang
MANILA, Philippines — San Miguel Food and Beverage Inc. (SMFB) grew its net income by 10 percent to a record high of P38.1 billion last year after selling more beer and food products, signaling a robust consumer spending in the country.
The latest earnings figure was the company’s highest net income since it consolidated San Miguel Brewery and Ginebra San Miguel into its portfolio back in 2018.
The company owned by tycoon Ramon Ang reported on Wednesday its consolidated sales were up 6 percent to P379.8 billion last year due to better volumes and pricing strategies.
The beer division’s revenues, which accounted for the bulk of the topline figures, rose by 8 percent to P147.3 billion last year. Revenues by spirits segment increased 13 percent to P53.6 billion while food division, up 2 percent to P178.8 billion.
“We’re determined to build on our gains, and continue finding ways to excite and delight our markets, while delivering the same high quality, best value products that have been trusted and enjoyed by generations,” Ang said.