The combined net profit of the food and beverage businesses of conglomerate San Miguel Corp. is expected to hit P33 billion this year on sustained growth in consumption and consumer spending.
Sources said the group’s beer business was projected to register P24 billion in net income this year, while the food unit would deliver P8 billion in profits. Liquor unit Ginebra San Miguel Inc. is also expected to contribute P1 billion in net income for the group.
San Miguel is consolidating its food and beverage businesses under San Miguel Pure Foods Company Inc.
It has obtained Securities and Exchange Commission’s approval for the change in name of SMPFC to San Miguel Food and Beverage Inc. is waiting for other regulator approvals.
Among these are the SEC approval of the share swap arrangement, increase in the SMPFC’s authorized capital stock to P12 billion and confirmation from the Bureau of Internal Revenue that the transaction was tax exempt.