San Miguel Food and Beverage Inc. said Wednesday net income in 2022 reached P34.7 billion, up 10 percent from a year earlier amid rising raw material costs.
SMFB said in a disclosure to the stock exchange consolidated revenues went up 16 percent year-on-year to P358.9 billion, driven by higher volume growth across its beer, spirits and food divisions.
The company said it also optimized pricing strategy across its portfolio to manage the impact of rising raw material costs. Income from operations rose 10 percent to P29.5 billion.
“SMFB’s results prove the resilience of our business model as we navigated a very difficult environment in 2022. Looking to 2023, we expect to continue to deliver operational excellence and invest in growth to drive long-term value for our shareholders. At the same time, we will continue to ensure that our products are within reach of every Filipino,” said SMFB president and chief executive Ramon Ang.
The beer business reported consolidated revenues of P136.2 billion, up 17 percent year-on-year as domestic operations saw volumes grow amid a favorable market environment, continued easing of COVID- 19 restrictions, a buoyant economy and robust consumer spending. Jenniffer B. Austria