Meat, liquor businesses boost SMFB earnings
San Miguel Food and Beverage Inc. (SMFB) grew its net income in the first quarter by 16 percent to P11.6 billion on sustained demand for its spirits and meat segments.
The Ramon Ang-led company on Wednesday said its top line in the January to March period had increased by 4 percent to P98.9 billion.
Gross profit, meanwhile, reached P28.6 billion, up by 11 percent.
“Our results this quarter reflect the strength of our diversified portfolio and our continued focus on execution,” Ang, chair of SMFB, said in a statement. “We are optimistic about the rest of the year.”
Broken down, San Miguel Foods accounted for P46.3 billion in revenues, representing an 8-percent climb from the same period last year, driven by growth in the poultry, meat, dairy, coffee and flour segments.
83% profit growth
Net income likewise ballooned by 83 percent to P3 billion.
Spirits under Ginebra San Miguel Inc. booked an 8-percent gain in revenues to P16.3 billion on sustained consumer demand, which likewise resulted in the segment’s net income growing by a tenth to P2.1 billion.
Meanwhile, “tempered market conditions” caused a 3-percent dip in the sales of San Miguel Brewery Inc. to P36.3 billion.
According to Ang, they are expanding their production capacities “to strengthen our distribution network” and improve earnings.
“With our strong brands and disciplined execution, we are well-positioned to sustain our growth trajectory in 2025 and beyond,” he added.
