Tanduay income up 47% on more sales
Despite tightening competition in the liquor space, Tanduay Distillers Inc. (TDI) managed to grow its net income to a record high of P2.15 billion last year after selling more products.
The Lucio Tan-led beverage company, in a statement, said its 2024 bottom line had improved by 37 percent from P1.57 billion previously.
Sales volume of both liquor and bioethanol were up 2 percent and 1 percent, respectively. Segment revenues, as such, rose by 13 percent to P33.85 billion.
Tanduay captured the biggest market share in the Visayas and Mindanao at 70.6 percent and 79.6 percent, respectively. The rum maker said it was able to maintain market leadership despite inflationary pressures and weather-related disruptions that tempered consumer spending.
Overall, however, market share slipped to 32.2 percent from 32.9 percent as competition increased.
Growing presence
Tanduay unloaded its 94.7-percent stake in Asian Alcohol Corp. in October last year for P1.8 billion.
“This transaction aligns with TDI’s long-term vision of optimizing its business and enhancing economic viability,” the company said.
Tanduay has been expanding its presence not only in the country but also abroad. It is currently selling its products in several US states, including California, Florida, New York, Illinois, Nevada, Michigan, Arizona, Texas and Washington.
The Lucio Tan-led liquor brand is also available in Europe through distribution partnerships in the United Kingdom, Belgium, the Netherlands, Luxembourg, Germany, Poland and Czech Republic, among others.
The robust sales of Tanduay contributed to parent company LT Group Inc. attaining record-breaking earnings last year. The conglomerate saw its net income grow by 14 percent to P28.92 billion.
