San Miguel’s beer unit posts 15% profit increase to P16B
SAN MIGUEL Corp. (SMC) said on Sunday that its beer business recorded a 15% increase in net income to P16.2 billion for the nine months to September due to the easing of mobility restrictions and reopening of its local and foreign markets.
“With our economy back in full swing and our major markets reopened, we’re even more upbeat and positive about our full-year prospects, heading into the holidays,” SMC President and Chief Executive Officer Ramon S. Ang said in a press release.
The listed conglomerate did not disclose the beer unit’s financial performance specifically for the third quarter.
For the nine-month period, consolidated revenues for San Miguel Brewery, Inc. (SMB) went up by 21% to P99 billion, which the company attributed to higher domestic and international sales volumes.
The company’s operating income reached P22.2 billion, higher by 22% than the recorded level in the same nine-month period in 2021.
Locally, the company said that it had “robust” results as eased restrictions prompted the reopening of its on-premise outlets.
“This was supported by effective volume-generating efforts and marketing programs across traditional and modern trade channels executed by the San Miguel Pale Pilsen, Red Horse Beer, and San Mig Light brands, among others,” the company said.
Total domestic revenues climbed by 19% to P88.4 billion versus last year. Operating income amounted to P20.3 billion, 20% higher than the level recorded a year ago.
SMB said that its international operations sustained its performance as of September on volume gains despite some of its markets remaining under pandemic restrictions.
The company cited “consistent volume gains” in its Thailand, Indonesia, and export operations.
San Miguel Food and Beverage, Inc. operates its beverage business through SMB and Ginebra San Miguel, Inc.
SMB subsidiaries include Iconic Beverages, Inc.; Brewery Properties Inc.; San Miguel Brewing International Ltd.; San Miguel Brewery Hong Kong Ltd.; San Miguel (Baoding) Brewery Co., Ltd.; San Miguel Beer (Thailand) Ltd. and San Miguel Marketing (Thailand) Ltd.; and PT. Delta Djakarta Tbk. — Justine Irish D. Tabile
