San Miguel Food and Beverage Inc. said Wednesday it delivered solid top-line results in the first quarter despite sharp increases in raw material costs and disruptions to supply chains brought about by the prolonged conflict in Ukraine that is pushing up prices of global commodities.
Consolidated revenues grew 9 percent from P83.1 billion a year ago, driven by a combination of volume growth and better pricing across multiple categories in its beer, spirits and food businesses.
SMFC said that as with other consumer goods companies, it was faced with rising input costs on raw materials and utilities, squeezing profits and muting the gains from volume growth compared to the same period last year.
Consolidated EBITDA and consolidated income from operations still managed to grow by 1 percent to P15.7 billion and P12.7 billion, respectively.
Excluding non-recurring benefits in the first quarter of 2021 related to the CREATE law, the company’s net income in the quarter rose 1 percent to P9.2 billion.