Beer producer San Miguel Brewery Inc. said Sunday net income grew 15 percent in the first nine months to P16.2 billion from the same period last year on the back of higher sales.
SMB said in a statement nine-month consolidated revenues reached P99 billion, up by 21 percent from a year earlier as mobility restrictions eased and domestic and international markets reopened.
Operating income rose 22 percent year-on-year to P22.2 billion.
The Philippines’ largest brewery, which has a market share of more than 95 percent, is a joint venture of San Miguel Corp. and Kirin Holdings Co. of Japan.
SMC president and chief executive Ramon Ang said the beer business was affected by the pandemic because of restrictions not only in the country, but also in the international markets.
Ang said SMB had remained resilient and managed to sustain its growth momentum because of its strong, iconic brands and ability to respond to rapidly-changing market conditions.
“This reflects the fundamental strength of not just the beer business, but overall, SMC’s diversified portfolio which has allowed us to weather challenges. With our economy back in full swing and our major markets reopened, we’re even more upbeat and positive about our full-year prospects heading into the holidays,” Ang said.
Total domestic revenues reached P88.4 billion, up 19 percent from 2021 on further easing of restrictions which paved the way for the re-opening of on-premise outlets.
The implementation of volume-generating and marketing programs across traditional and modern trade channels also helped boost domestic sales, the company said.
SMB’s international operations also sustained its positive performance, registering higher volumes in the first nine months of the year.
The company attributed this to consistent volume gains in Thailand, Indonesia and other export markets even as the Hong Kong, South China and Vietnam markets continued to be affected by pandemic restrictions.