SMB 9-month earnings surged to P23.4B

The nine-month net income of San Miguel Brewery Inc. jumped by 36.7 percent to P23.4 billion as sales recovered from a slowdown early in the year.

Also, San Miguel Brewery (SMB) on Tuesday said revenues inched up by 2.7 percent to P98.8 billion due to “better third-quarter performance.”

In the July to September period alone, beer sales rose by 3.9 percent or 1.9 million cases.

READ: San Miguel Food profits up in H1 on fatter sales

Growth was driven by “targeted sales and marketing efforts, along with volume-boosting programs,” SMB said.

SMB, the beer arm of conglomerate San Miguel Corp. (SMC) under San Miguel Food and Beverage (SMFB), earlier said it expected a stronger performance in the second half of the year.

SMFB earlier said it wanted to grow the Ginebra brand in the Visayas and Mindanao.

The company’s key products also include Tender Juicy Hotdogs, Purefoods Luncheon Meat, Magnolia dairy and San Mig Coffee.—Meg J. Adonis