The Philippines: San Miguel’s beer division sees 15% improvement in its first-half consolidated sales volume
San Miguel Food and Beverage Inc. (SMFB)'s first half income surged by 137 percent to P17.36 billion, surpassing its pre-pandemic first half level in 2019, The Manila Times reported on August 5.
SMFB's consolidated revenues likewise climbed by 20 percent to P146.79 billion during the period.
In a statement on August 4, the food and beverage arm of San Miguel Corp. attributed its higher first half financial results to the stronger operating performance of its businesses.
"Our performance in the first half reflects the agility and adaptability of our food and beverage businesses, in the face of unprecedented challenges brought about by Covid-19. As the situation continues to evolve, the flexibility and resilience we developed this past year will enable us to move forward and pivot quickly as needed," SMFB President and Chief Executive Officer Ramon Ang was quoted as saying.
The consolidated revenues of SMFB's food group gained 11 percent to P72.24 billion as its protein and animal nutrition businesses saw double-digit volume growth.
The strong demand for poultry products and the recovery of foodservice accounts increased protein's revenues by 20 percent.
Given its nature, the core products within the prepared and packaged food and flour segments posted good volumes during the period.
SMFB's beer business also reported a 15-percent improvement in its consolidated sales volumes as liquor bans were lifted.
The business' consolidated revenues stood at P54.33 billion, up 27 percent year-on-year, while its net income surged by 89 percent to P9.51 billion in the first half.
The firm's spirits unit also saw a 21-percent increase in volumes in January to June.
This prompted the segment's net income to jump by 66 percent to P2.09 billion and revenues to rise by 36 percent to P20.23 billion during the period.
SMFB's shares inched up by 10 centavos or 0.12 percent on August 4 to close at P82.50 apiece.
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