San Miguel Food and Beverage, Inc. (SMFB) saw its earnings jump 11 percent in the first nine months on the back of the robust performances of all its business segments.
The listed food and beverage arm of conglomerate San Miguel Corp. said its consolidated net income increased to P30.4 billion from P27.5 billion in the same period last year.
Its consolidated sales hit a whopping P291.1 billion, 5 percent up from a year ago.
READ: SMFB earnings flat as beer sales fall
Operating income likewise improved by 15 percent to P39.9 billion.
SMFB chairman Ramon S. Ang attributed these solid results to the “strength of our diversified portfolio,” which covers beer and non-alcoholic beverages, spirits, and food.
“Through strategic investments in our brands, cost management, and by adapting to market trends, we are building resilience and setting the stage for long-term growth. Beyond profits, we view ourselves as partners in nation-building, ensuring that our products and initiatives contribute to economic progress and community support,” he said in a disclosure to the local bourse Wednesday.
Its food business San Miguel Foods recorded a 4-percent increase in sales to P134.3 billion driven by higher volumes booked in the period. Its cash flow as measured by earnings before interest, taxes, depreciation, and amortization (Ebitda) also climbed 39 percent to P15.5 billion.
San Miguel Brewery Inc., meanwhile, also generated higher revenues in the period, reaching P111.2 billion, or 3 percent up from a year ago. It noted domestic sales hit P99.1 billion, while international sales totaled $212.4 million. Its Ebitda stood at P28.9 billion.
The group said it expects the beer segment to keep its momentum “through targeted initiatives.”
The group’s spirits business, Ginebra San Miguel Inc., also witnessed better financial performance in the January to June period. SMFB said this business segment generated P45.6 billion in sales, 17 percent higher than a year ago. It finished September with P7.1 billion in Ebitda.