San Miguel Food and Beverage Inc. said Wednesday net income rose 6 percent in 2019 to P32.28 billion from a year ago on the back of higher revenues.
SMFB said in a disclosure to the stock exchange consolidated revenues went up 9 percent year-on-year to P310.79 billion, led by higher volumes and average selling prices across key products.
Consolidated operating income also increased by 4 percent to P47.78 billion.
“We continue to remain confident in the strength of the Philippine consumer and resilience of the economy. We believe we have the ability to overcome the challenges we now face as we continue to expand the breadth of our product offerings and reinforce our presence in markets,” SMFB president and chief executive Ramon Ang said.
“We remain focused on delivering the best products and providing improved results to all our stakeholders,” he said.
SMFB chief finance officer Ildefonso Alindogan said in an interview at the sidelines of the company’s P15-billion bond listing ceremony that operations remained unaffected by the outbreak of coronavirus disease 2019.
“I think we’re still very positive about our prospects. The Filipino consumer is still very healthy. We have some noise in terms of the virus, some noise in terms of the markets. But I think from the medium-term to the long-term, the prospects of the business within SMFB is still very good,” he said.
Alindogan said the company would take the necessary procedures and steps ensure that it would not have any disruption in its operations.
Beer revenues grew 10 percent last year to P142.27 billion on higher domestic beer volumes.
The food division registered a 5-percent increase in revenues to P139.46 billion, as the poultry industry continued its recovery towards the second half of 2019.
Operating income for the division jumped 41 percent in the fourth quarter of the year from a year ago.
The spirits and liquor business ended the year strong, with revenues up 17 percent to P29.06 billion as volumes grew 14 percent.
SMFB’s stock price was unchanged at P67 on Wednesday.
