NEWS
FLIPINO BEER SAN MIGUEL’S Q1 SALES SURGED 29% ON STELLAR GROWTH IN ASIAN MARKETS
By Tony Zhu
10-5-2023
Source: San Miguel
Filipino beer maker San Miguel posted stellar first quarter results with its beer sales reaching P38.3 billion (USD688 million), a 29 percent increase from the same period last year due to high growth in Philippines, Hong Kong, South China, Thailand and Vietnam operations.
Sales value from the beer’s domestic operations jumped 29 percent to P34b, largely on account of higher sales volume. Domestic beer volumes grew 26 percent on the back of new brand campaigns and offtake-generating programs.
Revenue from its international operations rose 27 percent largely as a result of stronger volumes, particularly from its exports to Hong Kong, South China, Thailand, and Vietnam operations.
In a disclosure to the Philippine Stock Exchange, the company said despite multiple headwinds from inflationary pressures, excise tax increases and continuing geopolitical uncertainties, consolidated revenue across the board rose 12 percent to P93.2b in first quarter.
The company’s spirits business generated revenues of P12.9 billion, 3 percent higher year-on-year.
Sales for SMFB’s food business improved by 3 percent to P41.9 billion, driven by strategic pricing across all its segments, according to the company.
Consolidated net income in the period grew eight percent to P9.9 billion in the first quarter of the year.
“Despite the challenging environment, our brands remain top-of-mind of consumers and we intend to sustain this momentum by investing further in brand-building efforts and innovation to further drive growth,” said SMFB President and CEO Ramon S. Ang.
“We are also focused on optimising our resources and processes for better efficiency to sustainably manage our current businesses for long-term profitability,” he added.
(the writer can be contacted at: info@thewinechronicle.com)
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