San Miguel Brewery Inc., a joint venture of San Miguel Corp. and Japan’s Kirin Holdings Co., reported a double-digit net income growth in the first quarter.
SMB said in a statement over the weekend first-quarter net income jumped 38.2 percent to P6.8 billion on the back of strong sales performance of both domestic and international operations amid the continued easing of COVID-19 restrictions.
First-quarter revenues climbed 29.3 percent to P38.3 billion from P29.7 billion in the same period last year. Consolidated operating income grew 25 percent to P8.4 billion.
SMB’s domestic beer volumes grew by 26.1 percent, boosted by new brand campaigns and offtake-generating programs, complemented by relaxed restrictions.
International operations posted a 28.5-percent increase in sales volume from its exports business and Hong Kong operations. Volumes were still 16.4 percent lower compared to 2019 pre-pandemic levels.
SMB said that in the first quarter, it rolled out the San Mig flavored water—a refreshing unsweetened non-carbonated drink and San Mig Hard Seltzer—which is made from sparkling water with a 5-percent alcohol.
It also recently launched San Miguel Cerveza Blanca—a wheat beer positioned in the upscale market.
SMB exports to Indonesia, Thailand, United Arab Emirates, Qatar, the United States and Bahrain. It recently expanded in new markets in Asia and Africa.