The Philippines: San Miguel Food and Beverage sees beer business revenue dip by 1% in H1 2025

San Miguel Food and Beverage Inc. (SMFB) on August 6 reported a consolidated net income of P23 billion for the first half, up 15 percent from the same period last year and said to have been driven by steady sales and improved cost management.

The food and beverage firm said consolidated revenues rose 4 percent year on year to P201.2 billion.

Operating income rose 13 percent to P30 billion, while earnings before interest, taxes, depreciation and amortization reached P39.3 billion, reflecting a 20-percent margin.

“Our first-half performance shows the strength of our operations and our ability to execute on long-term strategic goals,” San Miguel Food Chairman Ramon Ang said in a statement.

“We will continue to invest in capacity, improve efficiency and expand our reach to deliver lasting value to our customers and stakeholders while making everyday food and beverages more accessible to Filipino families.”

San Miguel Foods led the growth, booking P94.4 billion in revenues, up 7 percent year on year, and driven by higher volumes and favorable pricing across key categories including chicken, canned meats, spreads and coffee.

Operating income from food operations surged 41 percent to P8.6 billion, while net income jumped 53 percent to P6 billion.

San Miguel Brewery, however, saw revenues dip by 1 percent to P74.6 billion amid weaker domestic demand, partially offset by a 2-percent growth in international sales to $144.8 million, led by markets in South China and Vietnam.

Despite the revenue dip, operating income in the beer segment inched up 2 percent to P16.2 billion, and net income rose 3 percent to P13 billion.

Ginebra San Miguel, the group’s spirits unit, reported a 7-percent increase in revenues to P32.2 billion, supported by improved pricing and stable volumes. Operating income rose 12 percent to P5 billion, and net income grew 16 percent to P4.2 billion.

San Miguel Food and Beverage’s shares rose 15 centavos, or 0.28 percent, to P54.60 apiece on August 6.