Tanduay Distillers Inc. continued its growth momentum under president and chief operating officer Lucio Tan III who assumed the leadership of the company in 2019.
Consolidated net income reached P1.42 billion in 2022, or 14 percent higher than in the previous year, with consolidated revenues at P31.6 billion, a 26-percent increase from 2021.
“We can say that we have overcome the challenges of the past years and are now focused on growing the business further here in the Philippines and other countries,” said Tan.
Tanduay’s liquor volumes went up by 16 percent in 2022. It continued its dominance in the Visayas and Mindanao, where every three of four liquor drinker chose Tanduay products. The company also grew its share in the overall domestic market.
Consolidated cost of sales went up by 28 percent to P28 billion due to higher excise taxes and manufacturing costs, but Tanduay still ended 2022 with a 12-percent growth in its gross profit at P3.6 billion.