Tanduay sells more rum, 2024 income at record high

Tanduay Distillers president Lucio Tan III (center) with other Tanduay and local government officials in Bacolod

MANILA, Philippines — Tanduay Distillers Inc., the world’s leading rum maker, sold more liquor last year, allowing it to grow its net income by 37 percent to record-high P2.15 billion.

Sales volume of both liquor and bio ethanol were up 2 percent and 1 percent, respectively, last year. Segment revenues, as such, rose by 13 percent to P33.85 billion.

The liquor arm now led by third-generation scion Lucio Tan III captured most of the market share in Visayas and Mindanao at 70.6 percent and 79.6 percent, respectively.

Across the country, however, market share slipped to 32.2 percent last year from 32.9 percent in 2023 as competition tightened.

READ: Lucio Tan III finds his place, gets into the local groove