San Miguel Food and Beverage Inc. said Wednesday net income jumped 66 percent in the first quarter to P9.68 billion from P5.8 billion in the same period last year on the back of double-digit growth in revenues.
SMFB said in a disclosure to the stock exchange consolidated sales increased 11 percent to P76.36 billion as the company quickly implemented programs to adapt to changing market conditions and capture new opportunities amid the pandemic.
“Our first-quarter results reflect the resilience of SMFB throughout the crisis. The group has proven its agility and ability to control costs, manage cash and stay on track to deliver long-term profitable growth while ensuring our products are always available to our customers and vulnerable communities that need them the most,” SMFB president and chief executive Ramon Ang said.
Income from operations reached P12.57 billion, or 45 percent higher than a year ago”•a solid achievement considering more favorable pre-pandemic conditions during most of the first quarter in 2020.
San Miguel Brewery Inc. booked a 45-percent increase in net income to P5.46 billion as revenues inched up by 2 percent P28.84 billion in the first quarter.
Volumes remained depressed with the continued closure of most ontrade channels and the lingering impacts of the enhanced community quarantine in Metro Manila and nearby provinces.
Ginebra San Miguel also delivered another strong performance, with net income growing by 120 percent to P1.04 billion as revenues surged by 52 percent to P11.34 billion.
This was driven by a 29 percent year-on-year increase in volumes, the highest sales volume in a single quarter in the company’s history.
Meanwhile, San Miguel Foods also registered a very strong start, as net income more than doubled to P3.39 billion while revenues rose 9 percent to P36.18 billion. The growth was driven by strong demand and more stable pricing across all business segments.
“As we continue to navigate the pandemic, we remain optimistic about the future and stay focused on driving investments in products and innovate on systems that will better address the needs of Filipinos. We will work hard with greater efficiency and flexibility in order for our country to emerge from this pandemic stronger and more formidable,” said Ang.