San Miguel Food and Beverage Inc. said Wednesday net income reached P24.2 billion in the first nine months, up 68 percent year-on-year on the back of a double-digit growth in revenues.
SMFB said in a statement nine-month consolidated revenues rose 14 percent to P221.7 billion from a year ago, as all businesses registered double-digit sales growth.
“Our results highlight the strength and breadth of our food and beverage portfolio. While there are still impacts from the pandemic, we are hopeful that the worst is behind us and we are on the path to a new, better normal,” said SMFB president and chief executive Ramon Ang.
The food business registered a 13-percent increase in revenues to reach P108 billion. The nine-month revenue was also 8 percent better than the 2019 pre-pandemic figure.
Meanwhile, the beer business posted consolidated year-to-date revenue of P82.1 billion, up by 13 percent from the previous year.
The growth was achieved despite the re-imposition of the enhanced community quarantine and liquor bans in National Capital Region and several key provinces in August, coupled with various COVID-19 restrictions implemented in international markets.
The group continued to implement cost management initiatives, resulting in a 23-percent increase in operating income to P18.2 billion.
Meanwhile, its spirits business saw a strong momentum as it reported a double-digit increase in volumes. Net income jumped 43 percent to P3.2 billion as revenues went up 21 percent to P30.7 billion.
“With our balance sheet in a strong position, we remain focused on further strengthening our momentum and continue to invest in areas that we believe will be critical to reaching our longer-term goal of delivering shareholder value while making sure that we do our part in supporting communities that need our help the most,” said Ang.