The Philippines: San Miguel Food and Beverage sees 2024 net income increase by 7%

San Miguel Food and Beverage, Inc. (SMFB) posted a 7% increase in net income for 2024, reaching P40.9 billion from P38.1 billion in 2023, driven by higher volumes and market expansion efforts.

Consolidated sales rose by 6% to P400.9 billion in 2024 from P379.8 billion in 2023, SMFB said in an e-mail statement on Wednesday.

Gross profit grew by 10% to P110.9 billion, while income from operations climbed by 15% to P55.8 billion.

“Our performance in 2024 reflects the strength of our brands, operational excellence, and disciplined execution of our growth strategies,” SMFB Chairman Ramon S. Ang said.

“We continue to invest in innovation, expand our market reach, and optimize efficiencies to drive sustainable, long-term value for all our stakeholders,” he added.

In the food segment, San Miguel Foods recorded a 33% increase in net income to P8.4 billion, while operating income rose by 37% to P13.3 billion.

Sales grew by 3% to P185 billion, driven by a 12% increase in the prepared and packaged food unit, supported by strong demand for Purefoods Tender Juicy Hotdogs, Magnolia dairy products, and San Mig Coffee.

In the beer segment, San Miguel Brewery Inc. reported a 1% increase in net income to P25.6 billion, while operating income grew by 6% to P33.4 billion.

Sales rose by 4% to P153.4 billion, with domestic sales reaching P137.6 billion and international sales amounting to $276.5 million.

Meanwhile, the spirits business, led by Ginebra San Miguel Inc., recorded a 3% increase in net income to P7.3 billion, while operating income rose by 26% to P8.6 billion.

Sales improved by 17% to P62.5 billion, driven by 9% volume growth. The spirits business benefited from strong demand and increasing popularity among a broader range of consumers.

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