The Philippines: San Miguel Food and Beverage reports 20% increase in first-half income
San Miguel Food and Beverage Inc. (SMFB), the combined food and beverage unit of conglomerate San Miguel Corp., said its income rose 20 percent during the first half of the year to P15.4 billion.
Consolidated revenues grew 15 percent for the period to P137.4 billion.
San Miguel completed the consolidation of its food and beverage businesses in June. The said figures reflect the consolidated financials on a comparative basis with last year’s, the company said.
San Miguel Brewery Inc. (SMB) continued its solid performance delivering strong volumes for the first half driven by increased consumption of beer products nationwide and boosted by the implementation of new campaigns and consumer and trade programs that further strengthened the equity of its brands.
SMB consolidated revenues reached P62.5 billion, 18 percent higher versus last year’s.
Operating income rose 23 percent to P17.3 billion.
Liquor unit Ginebra San Miguel Inc. also recorded a strong first-semester performance as net income almost doubled from last year. Core brands Ginebra San Miguel and Vino Kulafu continued to drive growth momentum. Revenues rose 19 percent to P12 billion, the company said, while operating income grew more than half to P862 million.
Meanwhile, the food group, previously known as Pure Foods, posted consolidated revenues of P62.9 billion, 12 percent higher, mainly driven by the strong performance of feeds, poultry and meats and the branded value-added businesses. Operating income grew 6 percent to P4.7 billion.
SMFB’s board approved its public offer of 1.2 billion shares for the company to comply with the minimum public float and to formalize its follow-on offering, one of the requirements for the merger of the three big units of the conglomerate.
The said offer shares will come from the ownership of its parent San Miguel and is equivalent to about 20 percent of SMFB.
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